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The FATF has been characterized as effective in shifting laws and regulations to combat illicit financial flows. FATF incentivizes stricter regulations through its public noncomplier list, which leads financial institutions to shift resources and services away from the countries on the blacklist.
FATF was formed at the 1989 G7 Summit in Paris to combat the growing problem of money laundering. The task force was charged with studying money laundering trends, monitoring legislative, financial and law enforcement activities taken at the national and international level, reporting on compliance, and issuing recommendations and standards to combat money laundering.
FATF has developed 40 recommendations on money laundering and 9 special recommendations regarding terrorist financing. FATF assesses each member country against these recommendations in published reports. Countries seen as not being sufficiently compliant with such recommendations are subjected to financial sanctions. [23] [24]
The current FATF Methodology was adopted in 2013 and is used by MONEYVAL to assess the technical compliance with the 40 FATF recommendations and the effectiveness of AML/CTF systems. For each recommendation, targeting a specific aspect of ML and CTF, ratings of technical compliance are assigned to a state or jurisdiction.
The Central American country's first stint on the Financial Action Task Force's (FATF) so-called gray list, which can impact a country's investment ratings and reputation, was from 2014 to 2016.
Financial Services Board (South Africa) (1990–2018) Financial Services Authority (2001–2013) in the United Kingdom; Federal Home Loan Bank Board (1932-1989) and Office of Thrift Supervision (1989–2011) in the United States