What's Happening?
The Financial Action Task Force (FATF) is an inter-governmental body that sets international standards for anti-money laundering and counter-terrorism financing. Australia, a founding member, actively engages with FATF to implement its 40 Recommendations, which provide a framework for combating financial crimes. The FATF conducts mutual evaluations to assess compliance and effectiveness of member countries' systems. Australia underwent its evaluation in 2014 and will participate in the next round from 2026-2027.
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Why It's Important?
Australia's involvement in FATF highlights its commitment to global financial security. By adhering to FATF standards, Australia helps mitigate risks associated with money laundering and terrorist financing, contributing to a stable international financial system. The mutual evaluation process ensures that countries maintain robust systems to combat financial crimes, fostering international cooperation and trust.
