Promotes policies to protect the global financial system against money laundering terrorist financing and the financing of proliferation of weapons of mass destruction the fatf recommendations are recognised as the global anti money laundering aml and counter terrorist financing cft standard. The international standard for the fight against money laundering and the financing of terrorism has been established by the financial action task force fatf which is a 33 member organization with primary responsibility for developing a world wide standard for anti money laundering and combating the financing of terrorism. The monetary authority is the relevant authority under the anti money laundering and counter terrorist financing ordinance amlo for supervising authorized institutions compliance with the legal and supervisory requirements set out in the amlo and the guideline on anti money laundering and counter financing of terrorism for . The collective techniques and processes used by financial companies to do this are typically referred to as anti money laundering or aml financial institutions combat terrorist financing by similar means using programs collectively known as counter financing of terrorism or cft. Money laundering and to terrorist financing the fatf has since issued further guidance which collectively forms the international framework of measures for combating money laundering and terrorist financing financial institutions should keep abreast of developments in the international standard and refine their programmes accordingly
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