Legal Status of the Financial Action Task Force in the International Legal System

Ilda Cristina Ferreira, PhD (2023) University of Hong Kong, jurist in international law of the Macao SAR, lecturer at the University of Macau. She has published articles on international law, transnational criminal law, legal co-operation and human rights in the context of the Macao SAR.

• PrefaceAcknowledgementsList of Abbreviations1 Introduction2 Description of the Financial Action Task Force1 Historical Background and Raison d’ Être2 Legal Nature and Mandate2.1 Character and Mandate2.2 Lifespan2.3 Legal Nature2.4 Political Accountability3 Internal Legal Order3.1 The FATF Bodies3.1.1 The Plenary3.1.2 The President3.1.3 The Steering Group3.1.4 The Secretariat4 Membership, Affiliation and Observers4.1 Membership4.2 Associate Membership4.3 Observers5 Budgetary Matters6 Policy and Lawmaking Powers6.1 FATF Recommendations6.2 Typologies, Best Practices and Guidance Papers7 Monitoring and Sanctioning Powers7.1 Mutual Evaluation Process7.1.1 Common Methodology7.1.2 Follow-up Process7.1.3 The 5th Round of Mutual Evaluations7.2 Sanctioning Power: ‘Name and Shame’ Policy and Countermeasures7.2.1 Non-cooperative Countries and Territories7.2.2 The FATF’s Grey and Black Lists7.3 Technical Assistance8 The FATF Regional Bodies8.1 The Caribbean Financial Action Task Force8.2 The Asia-Pacific Group on Money Laundering8.3 The Council of Europe Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism8.4 The Eastern and Southern Africa Anti-Money Laundering Group8.5 The Inter-Governmental Action Group against Money Laundering in West Africa8.6 The Financial Action Task Force of Latin America8.7 The Task Force on Money Laundering in Central Africa8.8 The Eurasian Group on Combating Money Laundering and Financing of Terrorism8.9 The Middle East and North Africa Financial Action Task Force8.10 Some Singularities9 External Relations9.1 International and Regional Co-operation and Third Countries9.1.1 The IMF and the WBbr/>9.1.2 The UN/UNSC9.1.3 The G-209.1.4 Third Countries9.2 Private Sector and Civil Society Outreach9.2.1 Private Sector9.2.2 Civil Society Outreach3 International Organisations1 Definitions and Criteria1.1 ‘Common Characteristics’, Nuances and Diversity of Design Patterns1.2 Sui Generis Cases1.2.1 The Inter-parliamentary Union1.2.2 The International Criminal Police Organisation1.2.3 The General Agreement on Tariffs and Trade1.2.4 The Commonwealth1.2.5 The Nordic Council1.2.6 The Organisation for Security and Co-operation in Europe1.2.7 The Black Sea Economic Co-operation1.2.8 The European Union1.3 Finding Common Ground among International Organisations2 IO s as Subjects of International Law and Theoretical Approaches2.1 International Personality and Capacity2.2 Theoretical Approaches to International Personality2.3 The ICJ Opinion in Reparation of Injuries Suffered in the Service of the UN3 Summary4 The Financial Action Task Force as an International Organisation1 A New Perspective on the Legal Status of the FATF2 Membership3 Created under International Law3.1 The Constitutional Framework of the FATF3.2 The High-Level Principles and Objectives for FATF and FATF-Style Regional Bodies4 An Organ of Its Own with a Distinct Will4.1 FATF’s Reports and Action Plans4.2 High-Level Missions or Letters to Governments4.3 Public Interventions and Statements5 To Operate on the International Plane according to International Law5.1 Key Institutional Decisions and Actions5.1.1 Core Institutional Change5.1.2 The Relationship between the FATF and the FSRB s5.1.3 The Global Network5.1.4 The Brand and Reputation Issues5.2 Key Regulatory and Operational Actions and Their External Impact5.2.1 The FATF Recommendations and Their Normative Dimension5.2.2 Emergence of Customary International Law5.2.3 Mutual Evaluation Process and Blacklisting6 External Recognition by Other Subjects of International Law6.1 The FATF’s Legal Status and External Participation6.2 FATF’s Institutional Participation6.3 FATF’s External Impact in other IO s and International Institutions6.3.1 The Council of Europe6.3.2 The European Union6.3.3 The UNSC and Other International Institutions7 The Relevance of the Will of the Members8 Summary5 Relevance and Challenges1 Why Does the FATF Case Matter? Why Is It Relevant to International Institutional Law and International Public Law?1.1 The FATF as an Institutional Model1.1.1 The Asia-Pacific Group on Money Laundering1.1.2 Global Forum on Transparency and Exchange of Information for Tax Purposes1.1.3 FATF Cyber-Style Security Body Proposal1.2 The FATF as a Model at Operational Level1.3 The FATF Regime as a Model for Other Regimes of Global Concern2 Implications and Challenges as a Subject of International Law with Public Authority2.1 The FATF as a Subject of International Law and Public Authority2.2 FATF’s Exercise of Public Functions, Gaps and Improvement2.2.1 The ‘Club-Member’ Character2.2.2 Unbalanced Relationship with the FSRB s’ Jurisdictions and Risk of Detachment2.2.3 Accountability, Sovereignty, Transparency2.2.4 Unintended Consequences3 Summary6 ConclusionBibliographyIndex