As described on the FATF website: "In response to mounting concern over money laundering, the Financial Action Task Force on Money Laundering (FATF) was established by the G-7 Summit that was held in Paris in 1989. Recognising the threat posed to the banking system and to financial institutions, the G-7 Heads of State or Government and President of the European Commission convened the Task Force from the G-7 member States, the European Commission, and eight other countries."

The FATF website indicates that, according to the current mandate of the FATF, the Task Force focuses on the following major tasks:

1. "Spreading the anti-money laundering message to all continents and regions of the globe.

   "FATF fosters the establishment of a world-wide anti-money laundering network based on appropriate expansion of its membership, the development of regional anti-money laundering bodies in the various parts of the world, and close co-operation with relevant international organisations.

2. "Monitoring the implementation of the Forty Recommendations in FATF members.

   "All member countries have their implementation of the Forty Recommendations monitored through a two-pronged approach: an annual self-assessment exercise and the more detailed mutual evaluation procedure.

3. "Reviewing money laundering trends and countermeasures ("typologies" exercise).

   "Money laundering is an evolving activity, the trends of which will continue to be monitored. FATF members gather information on and knowledge of money laundering trends (e.g. the use by criminals of sophisticated and complex ways to legitimise illegal assets, the professionalism of the process, the use of various sectors of the financial system and of the economy, and the recourse to new geographical routes) so as ensure that the Forty Recommendations remain up to date and effective.

"As was mentioned above, the FATF has taken on new missions and initiatives since this mandate was agreed. Notably in the area of terrorist financing and the identification of non-cooperative countries and territories (NCCTs), the FATF has devoted considerable effort during the past several years."