FATF-style regional bodies

FATF-style regional bodies

Eight FATF-style regional bodies (FSRBs) have been established for the purpose of disseminating international standards (40 9 FATF Recommendations) throughout the world.

The main task of the regional bodies is to devise systems for combating money laundering and terrorist financing in their respective regions.

The FSRBs conduct evaluations of the AML/CFT systems of the member states and make recommendations for their improvement. The regional bodies are also involved in the study of typologies – the most common schemes used by criminals for money laundering and terrorist financing.

Based on the results of the typological research, the best practices are disseminated to the private sector, oversight and regulatory bodies, law enforcement and the scientific community.

FATF-style regional bodies:

Group of International Finance Center Supervisors has functions similar to those of FSRBs.