International and National legal Framework
International Standards of combatting Money laundering and Terrorism financing:
The international community endeavors to protect the global financial system against money laundering, terrorism financing and the financing of proliferation of weapons of mass destruction, and other related threats. Countries have diverse legal, administrative and operational frameworks and different financial systems, and so cannot all take identical measures to counter these threats.
The FATF Recommendations are universally recognized as the international standard for anti-money laundering and countering the financing of terrorism (AML/CFT), in addition to the guidance documents and the best practices papers and other guidelines to assist countries in the implementation of the FATF standards.
The FATF Recommendations set out a comprehensive and consistent framework of measures that countries should implement in order to combat money laundering, terrorism financing, and the financing of proliferation of weapons of mass destruction.
Countries should put in place relevant legal frameworks and undertake the necessary operational and administrative measures to reflect the content of those international standards into their national legislations, which countries should implement through the mutual evaluation processes conducted by FATF.