Financial Action Task Force

Technically, the FATF does not issue sanctions. It requires its members (who themselves decide on the appropriate course of action) to implement "counter-measures." But they have no effect until the member countries instruct their financial institutions to comply because the FATF is not a law-making body. However, prudence would suggest that financial institutions take account of FATF pronouncements so as to be ready for implementation when national governments make appropriate enforcement provisions.