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The Financial Action Task Force (FATF) is a global money laundering and terrorist financing watchdog. This inter-governmental body sets international standards that aim to prevent these illegal activities and the harm they cause to society. As a policy-making body, the FATF works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas.

With more than 200 countries and jurisdictions committed to implementing them, the FATF has developed FATF Recommendations, or FATF Standards, which ensure a co-ordinated global response to prevent organized crime, corruption, and terrorism. The FATF helps authorities go after the money of criminals dealing in illegal drugs, human trafficking, and other crimes. They also work to stop funding for weapons of mass destruction.

The FATF reviews money laundering and terrorist financing techniques and continuously strengthens its standards to address new risks – such as the regulation of virtual assets – which have spread as cryptocurrencies have gained popularity. The FATF monitors countries to ensure they implement the FATF Standards fully and effectively, and holds countries to account that do not comply.

Note: These are non-technical definitions meant for a general audience and should not be used as legal definition
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