The Financial Action Task Force (GAFI) is an inter-governmental body whose purpose is the development and promotion of national and international policies to combat money laundering and terrorist financing.
The FATF is therefore a 'policy-making body' created in 1989 that works to generate the necessary political will to bring about legislative and regulatory reforms in these areas. Since October 2001 it has spearheaded the effort to adopt and implement measures designed to counter the use of the financial system by criminals.
The FATF does not have a tightly defined constitution or an unlimited life span. The Task Force reviews its mission every five years.
The FATF monitors members' progress in implementing necessary measures, reviews money laundering and terrorist financing techniques and counter-measures and, through mechanisms of auto and mutual evaluation, promotes the adoption and implementation of appropriate measures globally. This evaluation is based on the Forty Recommendations and the Nine Special Recommendations.
The mutual evaluation Report on Portugal sets out Portugal’s levels of compliance with the 40+9 Recommendations and analyses the efficacy of the national system to prevent and combat money laundering and terrorist financing. It has been approved by the GAFI members at its I Plenary Session of 2006/07, between 11 and 13 October 2007.
For further information on GAFI, its Recommendations, the Methodology for Assessing Compliance or the evaluation reports already published, please access the site www.fatf-gafi.org.