The Financial Action Task Force (FATF) is a global watchdog established in 1989 to combat money laundering, terror financing, and proliferation financing by setting international standards and encouraging effective implementation of AML/CFT laws.
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very good morning to all of you first of
all I'm extremely sorry for not being
able to post my video for a long time so
my sincere apologies I know lot of
people were waiting for my new videos I
was getting lot of requests
but my sincere apology was not being
able to make it the reason I was not
able to interact with all of you I was
just busy with creating something very
unique so I am forming uh some
certifications under the banner of
global Association of forensic
accountants short
gaffa I will be talking about gaffa it's
offering in terms of fin crime field
anti- money laundering cyber security
and fraud investigation in next few
videos but today as promised I'm here
once again to deal with your camps
related topics so guys me kamaljit cor
Sony once again here to deal with and
help you out with some more topics
related to Camp's exam
preparation it's been while that we have
connected but I'm sure your preparation
is going really well so let's start
today a topic which is quite an
important topic for
examination if you talk about any
Examination for anti-money
laundering one question which is almost
short short is asking about financial
action task force which is also known as
FFF so today we will be talking about
so today let's talk about
fatf financial action task
force this is something which is very
well tested in examination and also if
you are talking about a course like cams
or any other AML exam
it's very important for us to understand
what role FF plays when it comes to
dealing with money laundering Terror
funding and proliferation financing all
over the
world so today let's understand what
role Financial action task force or FF
plays when it comes to anti-money laundering
laundering
FF is a a global
Watchdog a very strong body I would say
which supports the entire globe in
tackling with a serious crime like money
laundering Terror funding and
financing Financial a task force came
into light back in 1989 in G7
Summit today is at it has about 40
members in
23 Russia was removed from the list so
we have 39 members of financial action
task force who are strongly supporting the
the
recommendations of
FF along with the member
countries Financial action task force
makes sure that all the countries have
very strong laws
technically and very effective
implementation of all the laws
regulation related to AML and
CFT as we have already
discussed money laundering and Terror
funding is a very very serious crime it
is not just about money it is much more
and much beyond that so the objective of
having FF is to combat money laundering
with the support of all countries who
are member and those country who are not
member of fatf they still have bodies
called the factive style Regional
bodies these bodies may not be member of
fatf however they are still supporting
in spreading the awareness about AML and
CFT worldwide
so let's talk about how FF plays that
prominent role before we move on and
discuss more about fatf's role please
note that this topic is quite an
important topic for examination so when
you prepare for your exam please prepare
well fatf originally had 40 member
countries if you look at fatf's website
however in 23 Russia was removed and
today we have 39 full members which
include 37 countries and two Regional
organization which includes European
commission and GCC so in total we have
39 member 37 plus two so one thing which
you have to keep in mind how many member
countries are
there then probably your book will also
discuss how will f have decide what
countes should be admitted as member or
how do they select the member or what is
the eligibility criteria for membership
so there are some quantitative as well
as qualitative
factors the quantitative Factor may
include the size of country their
population their GDP uh the size of
banking insurance and security Market
the qualitative food be what is the
impact of that country on the world so
these are few quantitative as well as
qualitative Factor basis which FF decide the
membership if countries are not part of
fatf as a member it does not mean that
they should not be worrying about AML or
CFT so fatf has nine
fsbs fatf style Regional bodies in short
we call it
fsbs there are
nine these are these make sure that they
will spread the word of fatf in the
world even those country who may not be
member of fatf they still should follow
the AML and CFT recommendation given by
fatf here it is very important for us to
note down whether fatf's recommendations
are mandatory to be followed or it is
like a
framework so fatf provides the
recommendation which works like a broad
framework when I say framework that
means one size does not fit
all every country is different their
laws their regulations their geographies
the population everything is different
so is their banking insurance and
securities the money businesses may vary
and that is where FF says that our
recommendation should be adopted in the
circumstances where the countries live
in so they can always
customize as per the need of the country
so fatf provides
framework correct so that's another
point which is important for us to
memorize and understand so far we
understood how fatf came into picture we
understood how many members fatf has and
countries though in examination it's not
very very frequent to ask the name of
the country but it is always good to
have a knowledge if you are studying AML
facts then these are name of fatf style Regional
Regional
bodies so as you can see it is spread
everywhere then these fsrb will go and
speak to their own members which will be
200 odd
countries even though they are not
direct member of FF they still have to
follow the recommendation of
FF the question comes to your mind that
why should country
follow country should follow because
it's not just in the interest of any
specific country or specific body it is
good for all the
countries which country will get
benefited from money laundering or which
country will get benefited from Terror
funding none
terrorism is not a problem of a country
terrorism is a problem of
word that is why fatf gives a strong
recommendation and strong actions are
taken against those countries who are
noncooperative not all kids are good so
is the
countries some kids are too good they
understand what fatf says however there
are some naughty kids around and we call
them noncooperative members or
non-cooperative countries I would say
non-cooperative member may not be the
right term so my apology let's put it as non-cooperative
