FATF Explained | 40 Recommendations, Mutual Evaluations & Grey List | CAMS Exam Prep

A complete guide to the Financial Action Task Force (FATF) — the global standard-setter for anti-money laundering and counter-terrorist financing, and one of the most tested topics in the CAMS certification exam.

This lesson covers:
▸ FATF origins — G7 1989, from 15 countries to 200+ jurisdictions
▸ The critical exam distinction: FATF recommendations are NOT legally binding law
▸ The 40 Recommendations — 7 categories, 3 bands (R1–8, R9–23, R24–40)
▸ Post-9/11 Special Recommendations on terrorist financing
▸ Recommendations 1–8: risk-based approach and national AML policies
▸ Recommendations 9–23: CDD, PEPs, wire transfers, STR obligations
▸ Recommendations 24–40: beneficial ownership, supervision, international cooperation
▸ Mutual Evaluation Reports (MER) — technical compliance vs effectiveness
▸ 11 Immediate Outcomes and the four-tier rating system
▸ Grey list and black list — criteria, consequences, and real-world impact
▸ UAE case study: grey-listed in 2022, removed in 2024
▸ FATF-style regional bodies (FSRBs) — autonomous, not subordinate to FATF
▸ Moneyval and MENA FSRB explained
▸ Exam synthesis: who sets the standard, who writes the law, who supervises

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