{"id":51564,"date":"2019-08-24T17:50:08","date_gmt":"2019-08-24T12:20:08","guid":{"rendered":"https:\/\/blogadmin.forumias.com\/?page_id=51564"},"modified":"2019-08-24T17:50:15","modified_gmt":"2019-08-24T12:20:15","slug":"answered-critically-analyse-the-role-and-effectiveness-of-fatf-financial-action-task-force-in-combating-the-financing-of-terrorism","status":"publish","type":"page","link":"https:\/\/forumias.com\/blog\/answered-critically-analyse-the-role-and-effectiveness-of-fatf-financial-action-task-force-in-combating-the-financing-of-terrorism\/","title":{"rendered":"[Answered] Critically analyse the role and effectiveness of FATF (Financial Action Task Force) in combating the financing of terrorism."},"content":{"rendered":"\n
Demand of the question<\/strong>
Introduction.<\/strong> Contextual Introduction.
Body. <\/strong>Role and effectiveness of FATF.
Conclusion. <\/strong>Way forward. <\/td><\/tr><\/tbody><\/table>\n\n\n\n

The Financial Action Task Force (FATF) is an inter-governmental body which was established to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.  It is a policy-making body which works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas.<\/p>\n\n\n\n

Role of FATF in combating\nterrorism financing:<\/strong><\/p>\n\n\n\n

  1. The FATF is the global standard-setter for\ncombatting money laundering, terrorist financing and the financing of\nproliferation of weapons of mass destruction (WMD). <\/li>
  2. The role of the FATF is to protect the integrity\nof the financial system, and enhance its transparency, which contribute towards\nglobal security. <\/li>
  3. The FATF conducts and publishes expert\noperational and strategic studies on risks, trends, and methods; develops and\nsets global policies, standards, best practice, and guidance. <\/li>
  4. It evaluates FATF member countries and oversees\nin close cooperation with the FATF-style regional bodies.<\/li>
  5. The FATF has developed a series of recommendations\nthat are recognised as the international standard for combating of money\nlaundering and the financing of terrorism and proliferation of weapons of mass\ndestruction. They form the basis for a co-ordinated response to these threats\nto the integrity of the financial system and help ensure a level playing\nfield.  <\/li>
  6. The FATF monitors the progress of its members in\nimplementing necessary measures, reviews money laundering and terrorist\nfinancing techniques and counter-measures. \n<\/li>
  7. In collaboration with other international\nstakeholders, the FATF works to identify national-level vulnerabilities with\nthe aim of protecting the international financial system from misuse.<\/li><\/ol>\n\n\n\n

    Effectiveness of FATF:<\/strong><\/p>\n\n\n\n

    1. Over a period of time the FATF has gained\nperceptible credibility as a professional organisation, which has succeeded in\nnot only increasing awareness regarding the challenges being faced by the\nglobal financial system, but also human security issues like terrorism.<\/li>
    2. The FATF has been at the forefront of\ninternational efforts to fight money laundering and combating finance to\nterrorism. Its efforts have been in conjunction with relevant resolutions of the\nUnited Nations Security Council (UNSC).<\/li>
    3. It has gained considerable influence over the\nregulatory framework that deals with financial transactions, in an attempt to\nmake it less liable to exploitation by both profiteers and terrorists.<\/li>
    4. Terrorist financing investigation and\nprosecution ensures that terrorist financing offences and activities are\ninvestigated and persons who finance terrorism are prosecuted and subject to\neffective, proportionate and dissuasive sanctions.<\/li>
    5. FATF has become one of the major factors for countries\nlike Pakistan being pressurised to take requisite action against terrorists\noperating from its soil. Terrorist financing preventive measures &\nfinancial sanctions require that terrorists, terrorist organisations and\nterrorist financiers are prevented from raising, moving and using funds, and\nfrom abusing the non-profit sector.<\/li>
    6. The naming and shaming policy of the FATF has a\ncorrective underlying principle. A country can be placed on a list and then\nremoved thereafter on receipt of assurance from the highest political\nauthority, along with a judgment on the progress made to implement the\nguidelines, has ensured an improvement in the overall CFT standards.<\/li><\/ol>\n\n\n\n

      Thus FATF played an import role of acting as a standard body to put pressure on terrorism funding and money laundering. Any blacklisting of country cuts the lifeline of terrorist activity supported by state through blockage of funds. Thus FATF act as a pressure group helping in combating terrorism and money laundering.<\/p>\n","protected":false},"excerpt":{"rendered":"

      Demand of the question Introduction. Contextual Introduction. Body. Role and effectiveness of FATF. Conclusion. Way forward. The Financial Action Task Force (FATF) is an inter-governmental body which was established to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity… Continue reading [Answered] Critically analyse the role and effectiveness of FATF (Financial Action Task Force) in combating the financing of terrorism.<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":49132,"parent":0,"menu_order":0,"comment_status":"open","ping_status":"closed","template":"","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"class_list":["post-51564","page","type-page","status-publish","has-post-thumbnail","hentry","entry"],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/pages\/51564","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=51564"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/pages\/51564\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media\/49132"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=51564"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}