Founded in 1989, the FATF assesses national anti-money laundering and counter-terrorist financing (AML/CFT) systems and promotes the adoption of necessary legislative measures to combat these issues globally. It has developed a series of recommendations which constitute the international standard for these systems and is responsible for monitoring countries to ensure compliance. The FATF works closely with governments and international organizations to foster broader cooperation in combatting organized crime, corruption, and other threats that can undermine global financial stability.