FATF-style regional bodies

FATF-style regional bodies

Eight FATF-style regional bodies (FSRBs) have been established for the purpose of disseminating the International standards on combating money laundering, financing of terrorism & proliferation (FATF Recommendations) throughout the world.

The main task of FSRBs is to set up systems for combating money laundering, financing of terrorism and proliferation 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 for money laundering and financing of terrorism and proliferation.

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

Some FSRBs coordinate providing of technical assistance (TA) to their member states with TA donors.

FATF-style regional bodies:

• 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)
• Eurasian Group (EAG)
• 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)
• Task Force on Money Laundering in Central Africa (GABAC)

Group of International Finance Center Supervisors (formerly the Offshore Group of Banking Supervisors - OGBS) has functions similar to those of FSRBs.