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Over the past three decades the Financial Action Task Force, or FATF, has evolved from a temporary panel charged with suggesting improvements to existing anti-money laundering laws and regulations in 15 jurisdictions and the European Union, to the world's preeminent standard setting body and watchdog in the fight against illicit finance, covering 199 jurisdictions. Though the global framework for combating financial crime has strengthened since the organization's establishment in 1989, challenges remain. On one hand, professional criminals are always seeking out new and sophisticated methods for concealing and legitimizing their illicit profits, while on the other, financial institutions under the...