Established in 1989, the Financial Action Task Force (FATF) is the global standard setter on combating money laundering and the financing of terrorism and proliferation of weapons of mass destruction. The objectives of the FATF are to protect the integrity of the financial system, and enhance its transparency, which contribute towards global security.

The main tasks carried out by the FATF are as follows:

1. Conduct and publish of expert operational and strategic studies on risks, trends, and methods;
2. Develop and refine international standards to combat money laundering, and the financing of terrorism and proliferation (the FATF Recommendations);
3. Develop global policies, best practices and guidance;
4. Assess and monitor compliance of its member countries with the standards through peer reviews and follow-up processes;
5. Promote and implement the FATF Recommendations by all countries through the global network of FATF-style regional bodies (FSRBs) and international organisations; and
6. Identify and engage with high-risk, non-co-operative jurisdictions as well as those with strategic deficiencies in their AML/CFT system and coordinate actions to protect the financial system against the threat posed by them.