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International Anti-Corruption NormsTheir Creation and Influence on Domestic Legal Systems$
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Cecily Rose

Print publication date: 2015

Print ISBN-13: 9780198737216

Published to Oxford Scholarship Online: October 2015

DOI: 10.1093/acprof:oso/9780198737216.001.0001

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The Financial Action Task Force as the Norm-Creator in the Anti-Money Laundering Field

The Financial Action Task Force as the Norm-Creator in the Anti-Money Laundering Field

Chapter:
(p.177) 5 The Financial Action Task Force as the Norm-Creator in the Anti-Money Laundering Field
Source:
International Anti-Corruption Norms
Author(s):

Cecily Rose

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780198737216.003.0006

This chapter examines the 40 Recommendations of the Financial Action Task Force (FATF), which has been producing anti-money laundering standards since 1990. As an intergovernmental organization comprised of a relatively small and homogenous group of States, FATF has been able to formulate and revise Standards that are designed to mould domestic laws on money laundering throughout the world. But at the same time, FATF has operated in a relatively non-transparent manner, and has historically excluded non-member States from the formulation of recommendations to which they are nevertheless subjected. By blacklisting non-compliant States, FATF has managed to bring about implementation of the FATF 40 Recommendations by non-members as well as FATF members. FATF has taken steps to increase participation by non-members through regional affiliates known as FATF-Style Regional Bodies, but this is not equivalent to membership itself.

Keywords:   Financial Action Task Force, FATF 40 Recommendations, FATF-Style Regional Bodies, money laundering, blacklisting, sanctions, peer pressure

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