• The Financial Action Task Force (FATF) was established in July 1989 by the Group of Seven (G7) Summit in Paris, initially to examine and develop measures to combat money laundering.

• In 2001, the FATF expanded its mandate to incorporate efforts to combat terrorist financing, in addition to money laundering.

• In 2012, it added efforts to counter the financing of proliferation of weapons of mass destruction.

• The FATF currently comprises 37 member jurisdictions and 2 regional organisations, representing most major financial centres in all parts of the globe. The European Commission and the Gulf-Cooperation Council are also members of the FATF.