How Do You Spell FACTF?
Pronunciation: [fˈaktf] (IPA) 
Correct spelling for the English word "FACTF" is [fˈaktf], [fˈaktf], [f_ˈa_k_t_f] (IPA phonetic alphabet).
Pronunciation: [fˈaktf] (IPA)
Correct spelling for the English word "FACTF" is [fˈaktf], [fˈaktf], [f_ˈa_k_t_f] (IPA phonetic alphabet).
FATF, short for Financial Action Task Force, is an intergovernmental organization established in 1989 with the objective of combating money laundering, terrorist financing, and the proliferation of weapons of mass destruction. The FATF sets international standards and promotes effective implementation of legal, regulatory, and operational measures to prevent these illicit activities and protect the integrity of the global financial system.
The organization operates on a peer-review basis, whereby member countries and jurisdictions are assessed for compliance with FATF recommendations through mutual evaluations to identify and mitigate risks related to money laundering and terrorist financing. This process helps countries identify weaknesses in their systems and improve their measures to address these threats effectively.
The FATF's recommendations and standards cover a wide range of areas, including customer due diligence, reporting of suspicious transactions, preventive measures, financial institution secrecy laws, international cooperation, and asset freezing. All member jurisdictions are expected to adopt and implement these recommendations through national legislation or regulations.
The organization also works to promote global adoption and implementation of its recommendations beyond its membership, regularly evaluating non-member countries and publicizing ongoing threats and developments in money laundering and terrorist financing. The FATF plays a critical role in the international fight against illicit finance and contributes significantly to global efforts to combat organized crime, terrorism, and the proliferation of weapons of mass destruction.
