What is the primary goal of the FATF?

The primary goal of the Financial Action Task Force (FATF) is to combat money laundering and terrorist financing on a global scale. As an intergovernmental organization established in 1989, the FATF sets international standards and develops policies aimed at protecting the integrity of the international financial system. This is achieved through evaluating legislative and regulatory measures in member countries, promoting effective implementation of those measures, and fostering international cooperation to address these financial crimes.

By focusing on combating money laundering and terrorist financing, the FATF seeks to mitigate risks that could be exploited by criminals and terrorists, thereby enhancing global security. The organization also provides guidance on best practices and recommends specific actions that countries should take to strengthen their frameworks against these threats. This goal reflects the need for a concerted international effort to track, prevent, and respond to financial crimes that have far-reaching consequences across borders.

While fair lending practices, increasing tax revenue, or promoting digital currencies may be relevant to different aspects of financial governance or policy, they do not encapsulate the central mission of the FATF, which is distinctly focused on eliminating and preventing illicit financial activities.