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:
- The Eurasian Group (EAG)
- Asia/Pacific Group on combating money laundering (APG)
- Caribbean Financial Action Task Force (CFATF)
- Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism of the Council of Europe (MONEYVAL)
- The Eastern and South African Anti Money Laundering Group (ESAAMLG)
- Financial Action Task Force on Latin America (GAFILAT)
- Inter Governmental Action Group against Money Laundering in West Africa (GIABA)
- Middle East & North Africa Financial Action Task Force (MENAFATF)
- The Task Force on Money Laundering in Central Africa (GABAC)
Group of International Finance Center Supervisors has functions similar to those of FSRBs.