<Tr> <Th> Affiliations </Th> <Td> Asia / Pacific Group on Money Laundering (APG) Caribbean Financial Action Task Force (CFATF) The Council of Europe Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) Financial Action Task Force on Money Laundering in South America (GAFISUD) Middle East and North Africa Financial Action Task Force (MENAFATF) </Td> </Tr> <Tr> <Th> Website </Th> <Td> www.fatf-gafi.org </Td> </Tr> <P> The Financial Action Task Force (on Money Laundering) (FATF), also known by its French name, Groupe d'action financière (GAFI), is an intergovernmental organization founded in 1989 on the initiative of the G7 to develop policies to combat money laundering . In 2001 its mandate expanded to include terrorism financing . It monitors progress in implementing the FATF Recommendations through "peer reviews" ("mutual evaluations") of member countries . The FATF Secretariat is housed at the OECD headquarters in Paris . </P> <P> FATF was formed by the 1989 G7 Summit in Paris to combat the growing problem of money laundering . The task force was charged with studying money laundering trends, monitoring legislative, financial and law enforcement activities taken at the national and international level, reporting on compliance, and issuing recommendations and standards to combat money laundering . At the time of its formation, FATF had 16 members, which by 2016 had grown to 37 . </P>

What is the role of the financial action task force