Author: Najib Shah

The Financial Action Task Force (FATF), established in 1989, plays a crucial role in combating illicit funds generated through various criminal activities such as drug trafficking, illegal arms trade, and cyber fraud. With 40 member countries, the FATF sets global standards to tackle money laundering by recommending measures for legal systems, financial institutions, and international cooperation. The FATF has outlined 40 recommendations that cover all aspects of money laundering, along with an additional nine recommendations focused on topics like criminalising terrorism financing, asset freezing, and wire transfers. These regulations aim to prevent crime, corruption, and terrorism financing on a global…