Write a note on the role of the Financial Action Task Force (FATF) for preventing money laundering.

The Financial Action Task Force (FATF) is an inter-governmental body established by the Ministers of its Member jurisdictions. The objectives of the FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system. The FATF has developed a series of Recommendations that are recognised as the international standard for combating of money laundering and the financing of terrorism and proliferation of weapons of mass destruction. The recommendations focus on ensuring that Anti-Money Laundering (AML) controls do not inhibit access to well regulated financial services for financially excluded and undeserved groups, including low income, rural sector and undocumented groups. The FATF monitors the progress of its members in implementing necessary measures, reviews money laundering and terrorist financing techniques and counter-measures, reporting of suspicious transactions, and promotes the adoption and implementation of appropriate measures globally. In collaboration with other international stakeholders, the FATF works to identify national-level vulnerabilities with the aim of protecting the international financial system from misuse.