Include a description on when and who created it, with what purpose and with what success to date
FATF is an intergovernmental body that is involved in policy formulation with a primary objective of setting standards to fight money laundering and financing of terrorist activities (Fatf-gafi.org). The FATF was founded in 1989 by the G7 group of countries (Fatf-gafi.org). This group was primarily formed to enhance economic cooperation among the seven largest industrial nations in the world, which include Canada, Germany, France, Great Britain, Japan, Italy and the United States of America.
Over the last past years, FATF has strived to realise some of its strategic objectives that include being a standard setter, an assessor body through mutual evaluations and, more importantly, research and policy development on money laundering together with the threat of terrorist financing. Among its major successes to date include the formulation of the 40 Recommendations to battle money laundering besides the six special recommendations to fight the financing of terrorism. Further, the organization has also developed notes and practise papers to offer guidance in the jurisdiction in the course of their implementation. In addition to establishing standards, FATF has embarked on mutual evaluations, where it has already assessed 12 countries and further provides a report that will obviously be useful in guiding future developments in the particular regions.
Also, look up one word in the Transparency International Glossary that best represents that initiative and explain it.
A relevant, current famous and juicy corruption scandal in the country you are researching and what would need to be done to deal with that type of corrupt practice.
A recent case in 2014 that involved, BNP Paribas, a French banking institution headquartered in London and the US is a perfect example of a money laundering activity. In this case, the BNP Paribas plead guilty to falsifying organizational records that violated US sanctions against Sudan and Iran, and consequently, it was compelled to pay $ 8.9 billion dollars as a fine. Similarly, Bank of credit and commerce international was found guilty of laundering money for drug trafficking. Worse still, the bank has offices in London and at the same time, it is registered in Luxembourg.
Works cited
e.V., Transparency. "Anti-Corruption Glossary". Transparency.org. N.p., 2016. Web. 15 Feb. 2016.
http://www.transparency.org/glossary/term/money_laundering
Fatf-gafi.org,. "About - Financial Action Task Force (FATF)". N.p., 2016. Web. 15 Feb. 2016.
http://www.fatf-gafi.org/about/
Oecdobserver.org,. "FATF Initiatives To Combat Terrorist Financing - OECD Observer". N.p., 2016. Web. 15 Feb. 2016.
http://www.oecdobserver.org/news/archivestory.php/aid/717/FATF_initiatives_to_combat_terrorist_financing.html
Treasury.gov,. "Financial Action Task Force (FATF) Evolving In Its Effort To Combat Money Laundering And Terrorist Financing". N.p., 2016. Web. 15 Feb. 2016.
https://www.treasury.gov/connect/blog/Pages/Financial-Action-Task-Force-(FATF)-Evolving-in-its-Effort-to-Combat-Money-Laundering-and-Terrorist-Financing.aspx
