The Financial Action Task Force (FATF) is the global standard setting body for anti-money laundering and combating the financing of terrorism (AML/CFT). In order to protect the international financial system from money laundering and financing of terrorism (ML/FT) risks and to encourage greater compliance with the AML/CFT standards, the [FATF identifies jurisdictions](http://www.fatf-gafi.org/documents/news/fatf-compliance-oct-2014.html) that have strategic deficiencies and works with them to address those deficiencies that pose a risk to the international financial system.
##An on-going process##
As part of its on-going review of compliance with the AML/CFT standards, the FATF has to date identified several jurisdictions which have strategic AML/CFT deficiencies for which they have developed an action plan with the FATF. While the situations differ among each jurisdiction, each jurisdiction has provided a written high-level political commitment to address the identified deficiencies. The FATF welcomes these commitments.
The Task Force has indicated that a large number of jurisdictions have not yet been reviewed. It continues to identify additional jurisdictions, on an on-going basis, that pose a risk to the international financial system.
The FATF and the FATF-style regional bodies (FSRBs) will continue to work with the jurisdictions identified and to report on the progress made in addressing the identified deficiencies. The FATF calls on these jurisdictions to complete the implementation of action plans expeditiously and within the proposed time frames. It will closely monitor the implementation of these action plans.