Criteria to be applied before considering a country as a potential candidate for FATF membership
The country should be strategically important:
Quantitative indicators to consider
- Size of gross domestic product (GDP)
- Size of the banking, insurance and securities sectors
- Population
Qualitative indicator to consider
- Impact on the global financial system, including the degree of openness of the financial sector and its interaction with international markets
- Active participation in an FSRB and regional prominence in AML/CFT efforts
- Level of commitment to AML/CFT efforts
- Level of AML/CFT risks faced and efforts to combat those risks
Additional considerations
- Level of adherence to financial sector standards
- Participation in other relevant international organisations
If the country were to become a member, the FATF’s geographic balance should be enhanced.
Process and criteria for becoming a FATF member