What is FATF and why does it matter?
The Financial Action Task Force is an inter-governmental body (1989) that sets international standards on AML, counter-terrorism financing (CTF), and counter-proliferation financing. Its 40 Recommendations form the de facto global baseline. FATF conducts mutual evaluations of member jurisdictions and publishes lists of high-risk and "increased monitoring" countries (the "black list" and "grey list"). National regulators implement FATF standards into domestic law.