International Standards on AML/CFT Regime

The Financial Action Task Force (FATF) is the international standards-setting body on AML/CFT and FATF incorporates key principles of the following United Nations Conventions and Resolutions (UNSCRs) in developing the AML/CFT standards:

  • The Vienna Convention (United Nations Convention Against Illicit Traffic in Narcotic Drugs and Psychotropic Substances (1988)
  • The Palermo Convention (The  International Convention Against Transnational Organised Crime (2000)
  • International Convention for the Suppression of the Financing of Terrorism
  • Security Council Resolution 1373
  • Security Council Resolution 1267 and its successors

Somalia is a member of Middle East and North Africa Financial Action Task Force (MENAFATF) which is FATF – style regional body.

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