Good practices on the prevention of money laundering and terrorist financing in the notarial sector

In 1989, at the initiative of the G-7, an intergovernmental body known as the Financial Action Task Force (FATF) was created to coordinate efforts to prevent money laundering in both the international financial system and the national financial systems of the member entities. The FATF’s main objective is to develop and promote policies to combat money laundering and terrorist financing. It is the body that sets and oversees international standards for regulations against money laundering and terrorist financing. The FATF first issued a comprehensive plan, known as the Forty Recommendations, to combat money laundering intended to present the basic framework for anti-money laundering (AML) efforts, implementing measures in 2002 to combat Terrorist Financing (CTF) and to be of universal application.