FATF Annual Report 2005-2006

South Africa held the Presidency of the 17th Plenary year of the FATF, during which strengthening the global network to combat money laundering and terrorist financing was a priority.

The importance of the FATF Recommendations has been noted by many international bodies.  The United Nations Security decided in its Council Resolution 1617 (2005) that it “strongly urges all Member States to implement the comprehensive, international standards” embodied in the FATF Forty Recommendations on money laundering and the Nine Special Recommendations on terrorist financing. The formal endorsement of the FATF standards by the Security Council is a major step toward effective global implementation of the Recommendations. 

The focus of the FATF's efforts towards this end has been on the enhancement of its partnerships with all the FATF-style regional bodies (FSRBs) and strengthened engagement with the more than 140 jurisdictions which are members of those FSRBs but are not themselves members of the FATF. 

To forge closer alliances with FSRBs, the FATF conducted a joint Plenary with the Eastern and Southern Africa Anti-Money Laundering Group in Cape Town, at which the two organisations explored common issues and challenges faced by their members in implementing the FATF standards. The FATF also undertook a joint typologies exercise with the Financial Action Task Force of South America (GAFISUD) in Rio de Janeiro.

FATF Annual Report 2005-2006