FATF-Style Regional Bodies

D

The Financial Action Task Force (FATF) is an intergovernmental organization that was established in 1989 to develop and promote policies to combat money laundering and terrorist financing. To extend its reach and influence, the FATF has created a network of regional bodies known as FATF-style regional bodies (FSRBs) that help to promote the implementation of its recommendations and standards at the regional level.

FSRBs are tasked with assisting member countries in their respective regions in implementing and complying with FATF recommendations and standards related to anti-money laundering (AML) and countering the financing of terrorism (CFT). They achieve this by providing technical assistance and training to member countries to help them build and strengthen their AML/CFT frameworks, and by conducting peer reviews to assess member countries' compliance with FATF recommendations.

Therefore, the correct answer to the question is A. FSRBs provide technical assistance to members in implementing FATF recommendations.

FSRBs also help to promote international cooperation and coordination in the fight against money laundering and terrorist financing by facilitating information exchange and collaboration between member countries. Additionally, they may provide guidance and support to member countries in identifying and mitigating emerging AML/CFT risks and threats.

FSRBs do not have the authority to penalize entities that violate FATF standards and recommendations; this is the responsibility of individual member countries. They also do not work on areas of concern outside of AML/CFT, and they do not supervise member country financial institutions in relation to AML/CFT.