The Financial Action Task Force (FATF)

The Financial Action Task Force (FATF) is an inter-governmental body that promotes the effective implementation of legal, regulatory, and operational measures to combat money laundering, terrorist financing (ML/TF), and other related threats to the integrity of the global financial system.

The FATF has developed a set of Recommendations recognised as the international standard for countering money laundering, terrorist financing, and the proliferation of weapons of mass destruction. It monitors the progress of member countries, reviews global ML/TF techniques, assesses the effectiveness of counter-measures, and encourages the worldwide adoption of robust AML/CTF practices. For more details, please visit the FATF website.

FATF Public Documents

The FATF identifies jurisdictions with strategic deficiencies in their AML/CTF systems and works with them to address weaknesses that may pose a threat to international financial stability. These jurisdictions are listed in two public reports, issued three times a year:

• FATF Public Statement (Call for Action)
• Improving Global AML/CTF Compliance: Ongoing Process (Other Monitored Jurisdictions)

View the latest FATF public statements here and ASMEC announcements here. Previous ASMEC announcements can also be accessed here.

UAE Membership and Regional Involvement

The United Arab Emirates (UAE) is a member of the Gulf Cooperation Council (GCC), which itself is a full member of the FATF. The GCC and its member states are committed to implementing the AML/CTF measures agreed upon by FATF members, including adherence to FATF Recommendations.

The UAE is also part of the Middle East and North Africa Financial Action Task Force (MENAFATF), a FATF-style regional body that focuses on AML/CTF issues specific to the region. Through MENAFATF, the UAE exchanges information, shares experiences, and collaborates with other member countries to strengthen financial crime prevention.