An Overview of the FATF Recommendations
The Financial Action Task Force has a list of 40 recommendations to prevent money laundering and terrorist financing. Here are the highlights.
Australia is known for it’s wildlife and natural wonders, but it’s also a money laundering sanctuary. Here we cover the biggest Australian money laundering scandal to date.
In 1989 the G-7 established the Financial Action Task Force (FATF) in order to help fight the rising tide of international money laundering. Importantly, FATF cannot pass legislation, but instead provides a framework, which the 38 member states try to implement.
Money laundering is a practice almost as old time itself. From as early as 2000 BCE, wealthy Chinese merchants would move their profits outside of China, as the government did not support commercial trading. They would then reinvest their smuggled funds into other enterprises, a technique still used today.