As described on the FATF website:

"The Forty Recommendations set out the framework for anti-money laundering efforts and are designed for universal application. They provide a complete set of counter-measures against money laundering covering the criminal justice system and law enforcement, the financial system and its regulation, and international co-operation."

Similar to other treaties and guidelines dealing with money laundering, these Recommendations call on states to require private financial institutions in their jurisdictions to verify identities of parties exchanging funds and to maintain records. In addition, states are to have licensing requirements for financial institutions.

According to the FATF website:

"The Forty Recommendations have been recognised, endorsed, or adopted by many international bodies... They set out the principles for action and allow countries a measure of flexibility in implementing these principles according to their particular circumstances and constitutional frameworks. Though not a binding international convention, many countries in the world have made a political commitment to combat money laundering by implementing the Forty Recommendations."

In combination with the IMF/World Bank Action Plan on Anti-Money Laundering and Combating the Financing of Terrorism, these guidelines may be viewed as having teeth.