money laundering</strong></a> and terrorist financing. It was created in 1989 by <a href=https://www.bitdegree.org/"https://www.investopedia.com/terms/g/g7.asp/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>G-7</strong></a>. In the beginning, it had only 16 members, but as of 2022, it has <strong>39</strong>. Following the 9/11 terrorist attacks, the FATF's mandate was expanded to incorporate terrorist financing in 2001.</p>\n<p>The task of this organization is to learn about money laundering trends, <strong>monitor legislative</strong>, financial, and law enforcement activities on a national and international level, report on compliance, and issue suggestions and <strong>standards to combat money laundering</strong>.</p>\n<p>The global standard for anti-money laundering and anti-terrorist financing is set by the <a href=https://www.bitdegree.org/"https://www.fatf-gafi.org/media/fatf/documents/reports/FATF Standards - IX Special Recommendations and IN rc.pdf/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>Forty Recommendations on Money Laundering and Nine Special Recommendations on Terror Financing</strong></a> of the FATF. Each member state is allowed to interpret these recommendations based on its own circumstances and the <strong>framework of its Constitution</strong>.</p>\n<p>In 2010, FATF began publishing its <a href=https://www.bitdegree.org/"https://www.fatf-gafi.org/publications/high-risk-and-other-monitored-jurisdictions/documents/call-for-action-february-2020.html/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>Black List</strong></a>, formally known as the Non-Cooperative Countries or Territories List (NCCT), in addition to the legally non-binding <a href=https://www.bitdegree.org/"https://www.fatf-gafi.org/media/fatf/documents/FATF Standards - 40 Recommendations rc.pdf/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>40+9 Recommendations</strong></a>. The list shows countries that have refused to cooperate with international efforts to combat money laundering and terrorist financing.</p>\n<p>This includes a refusal to disclose bank or brokerage account data and ownership information of these accounts, as well as client identity, <strong>shell corporations</strong>, and other financial institutions typically used to launder money.</p>","level":"easy","meta_title":"What is Financial Action Task Force (FATF)? 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Cryptocurrencies?","featured_image_id":10342,"status":"published","chapter_id":7,"language":"en","order":1,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/where-to-trade-crypto","featured_image":{"id":10342,"uuid":"0bd8d78a-9423-48ee-9161-34dc1872b97c","public_url":"https://assets.bitdegree.org/crypto/storage/optimized/where-to-trade-crypto-featured-image.jpg","path":"crypto/storage/optimized/where-to-trade-crypto-featured-image.jpg","original_path":"crypto/storage/original/where-to-trade-crypto-featured-image.jpg","name":"where-to-trade-crypto-featured-image.jpg","original_name":"where-to-trade-crypto-featured-image.jpg","title":null,"alt":null,"width":1024,"height":576,"disk":"spaces","status":"uploaded","readable_file_size":"85.96KB"},"youtube_video":null},{"slug":"how-to-invest-in-crypto","title":"Investing in Crypto: What Investing Options Do You Have?","featured_image_id":10729,"status":"published","chapter_id":7,"language":"en","order":2,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-invest-in-crypto","featured_image":{"id":10729,"uuid":"3439a1db-9892-404a-b4b6-a1db5a34bca4","public_url":"https://assets.bitdegree.org/crypto/storage/optimized/how-to-invest-in-crypto-featured-image.jpg","path":"crypto/storage/optimized/how-to-invest-in-crypto-featured-image.jpg","original_path":"crypto/storage/original/how-to-invest-in-crypto-featured-image.jpg","name":"how-to-invest-in-crypto-featured-image.jpg","original_name":"how-to-invest-in-crypto-featured-image.jpg","title":null,"alt":null,"width":1024,"height":576,"disk":"spaces","status":"uploaded","readable_file_size":"75.22KB"},"youtube_video":null},{"slug":"ico-vs-ido","title":"ICO vs IDO vs IEO: Which One is the 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Them?","featured_image_id":11359,"status":"published","chapter_id":7,"language":"en","order":4,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/what-is-an-airdrop","featured_image":{"id":11359,"uuid":"7b43c968-1275-4d3e-acb1-1707a43a4014","public_url":"https://assets.bitdegree.org/crypto/storage/optimized/what-is-an-airdrop-featured-image.jpg","path":"crypto/storage/optimized/what-is-an-airdrop-featured-image.jpg","original_path":"crypto/storage/original/what-is-an-airdrop-featured-image.jpg","name":"what-is-an-airdrop-featured-image.jpg","original_name":"what-is-an-airdrop-featured-image.jpg","title":null,"alt":null,"width":1024,"height":576,"disk":"spaces","status":"uploaded","readable_file_size":"66.05KB"},"youtube_video":null},{"slug":"how-to-get-free-crypto","title":"How to Get Free Crypto Assets?","featured_image_id":6542,"status":"published","chapter_id":7,"language":"en","order":5,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-get-free-crypto","featured_image":{"id":6542,"uuid":"4fceb9ab-391e-4ef9-b00d-c871a49878a3","public_url":"https://assets.bitdegree.org/crypto/storage/media/how-to-get-free-crypto.o.jpg","path":"crypto/storage/media/how-to-get-free-crypto.o.jpg","original_path":"crypto/storage/media/how-to-get-free-crypto.jpg","name":"how-to-get-free-crypto.o.jpg","original_name":"how-to-get-free-crypto.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"93.93KB"},"youtube_video":null},{"slug":"how-to-arbitrage-crypto","title":"What is Crypto Arbitrage: The Main Principles","featured_image_id":null,"status":"published","chapter_id":7,"language":"en","order":6,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-arbitrage-crypto","featured_image":null,"youtube_video":null},{"slug":"what-is-fud","title":"What is FUD: How to Use It to Your Advantage While Investing in Crypto?","featured_image_id":11394,"status":"published","chapter_id":7,"language":"en","order":7,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/what-is-fud","featured_image":{"id":11394,"uuid":"defd32c5-d3e1-4e66-9f58-e2ee316bad3a","public_url":"https://assets.bitdegree.org/crypto/storage/optimized/what-is-fud-featured-image.jpg","path":"crypto/storage/optimized/what-is-fud-featured-image.jpg","original_path":"crypto/storage/original/what-is-fud-featured-image.jpg","name":"what-is-fud-featured-image.jpg","original_name":"what-is-fud-featured-image.jpg","title":null,"alt":null,"width":1024,"height":576,"disk":"spaces","status":"uploaded","readable_file_size":"65.30KB"},"youtube_video":null},{"slug":"investing-in-cryptocurrency","title":"Investing in Cryptocurrency: How to Manage Your Risks?","featured_image_id":null,"status":"published","chapter_id":7,"language":"en","order":8,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/investing-in-cryptocurrency","featured_image":null,"youtube_video":null},{"slug":"what-is-a-rug-pull-in-crypto","title":"What is a Rug Pull in Crypto?","featured_image_id":6532,"status":"published","chapter_id":7,"language":"en","order":9,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/what-is-a-rug-pull-in-crypto","featured_image":{"id":6532,"uuid":"be8043fb-078c-4487-9af9-d2d9c2b574ea","public_url":"https://assets.bitdegree.org/crypto/storage/media/what-is-a-rug-pull-in-crypto.o.jpg","path":"crypto/storage/media/what-is-a-rug-pull-in-crypto.o.jpg","original_path":"crypto/storage/media/what-is-a-rug-pull-in-crypto.jpg","name":"what-is-a-rug-pull-in-crypto.o.jpg","original_name":"what-is-a-rug-pull-in-crypto.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"92.28KB"},"youtube_video":null},{"slug":"how-to-avoid-rug-pulls-in-crypto","title":"How to Spot and Avoid Rug Pulls?","featured_image_id":6555,"status":"published","chapter_id":7,"language":"en","order":10,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-avoid-rug-pulls-in-crypto","featured_image":{"id":6555,"uuid":"80cbed9d-3b4b-45d9-9a85-d2d8108c0f32","public_url":"https://assets.bitdegree.org/crypto/storage/media/how-to-avoid-rug-pulls.o.jpg","path":"crypto/storage/media/how-to-avoid-rug-pulls.o.jpg","original_path":"crypto/storage/media/how-to-avoid-rug-pulls.jpg","name":"how-to-avoid-rug-pulls.o.jpg","original_name":"how-to-avoid-rug-pulls.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"111.99KB"},"youtube_video":null},{"slug":"how-to-avoid-crypto-taxes","title":"The Key Legal Techniques of Avoiding Crypto Taxes","featured_image_id":6526,"status":"published","chapter_id":7,"language":"en","order":11,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-avoid-crypto-taxes","featured_image":{"id":6526,"uuid":"1e44162c-ef1d-4010-81b4-9e8d1809aedf","public_url":"https://assets.bitdegree.org/crypto/storage/media/how-to-avoid-crypto-taxes.o.jpg","path":"crypto/storage/media/how-to-avoid-crypto-taxes.o.jpg","original_path":"crypto/storage/media/how-to-avoid-crypto-taxes.jpg","name":"how-to-avoid-crypto-taxes.o.jpg","original_name":"how-to-avoid-crypto-taxes.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"99.10KB"},"youtube_video":null}]},{"id":8,"title":"Crypto Analysis","slug":"crypto-analysis","updated":null,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/learn-crypto-analysis.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-analysis-101.jpg","rating":100,"sections":[{"slug":"what-is-bullish-and-bearish","title":"Bearish and Bullish Markets: Do They Matter?","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":1,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/what-is-bullish-and-bearish","featured_image":null,"youtube_video":null},{"slug":"best-technical-analysis-indicators-for-crypto","title":"5 Best Crypto Technical Analysis Indicators You Must Know About","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":2,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/best-technical-analysis-indicators-for-crypto","featured_image":null,"youtube_video":null},{"slug":"what-is-candlesticks","title":"Technical Analysis: What are Candlesticks, Trendlines, and Patterns?","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":3,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/what-is-candlesticks","featured_image":null,"youtube_video":null},{"slug":"how-to-track-new-crypto-coins","title":"Crypto Tracking: How to Track Your Favorite Coins & Tokens?","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":4,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-track-new-crypto-coins","featured_image":null,"youtube_video":null},{"slug":"how-to-research-crypto","title":"Crypto Research Fundamentals & Social Signals: Your Daily Trading Strategy","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":5,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-research-crypto","featured_image":null,"youtube_video":null}]},{"id":9,"title":"Mining","slug":"mining","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/learn-crypto-mining.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-mining-101.jpg","rating":80,"sections":[]},{"id":10,"title":"Crypto Terms","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/crypto-101-glossary.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-glossary-101.jpg","rating":100,"sections":["A","B","C","D","E","F","G","H","I","J","K","L","M","N","O","P","Q","R","S","T","U","V","W","X","Y","Z"]}],"nextSection":{"id":341,"original_id":null,"author_id":42,"translator_id":null,"title":"What is First-Mover Advantage (FMA)?","slug":"what-is-first-mover-advantage-fma","section":"F","keyword":"First-Mover Advantage (FMA)","status":"published","definition":"an organization or a company that releases a game-changing service or product in the market to become superior over its competitors.","content":"<p><strong>First-Mover Advantage (FMA)</strong> refers to an organization or business that introduces a game-changing service or product to the market in order to gain an advantage over its competitors. The FMA is about creating brand recognition and <strong>customer loyalty</strong> by being the first to enter the market with a specific product or service before your competitors do. However, even though first movers receive brand leadership and recognition, they need to <strong>continue improving</strong> to avoid being overshadowed by their competitors.</p>\n<p>The crypto world&nbsp;continues to be a hotspot of innovation and technological advancements. It is a huge benefit that <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-blockchain/">blockchain projects</strong></a> or <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-exchange/">crypto exchanges</strong></a> have a limited <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-market/">market <strong>and</strong> customer base. Since the success of first movers is primarily dependent on their reputation and recognition, making the first move in the market is their greatest hope.</p>\n<p>As an example, many people mistakenly believe that all <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-cryptocurrency/">cryptocurrencies are <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/">Bitcoin (BTC)</strong></strong></a>. With its first-mover advantage, Bitcoin established a product that is now understood as the industry standard. However, even though Bitcoin was the first to create blockchain <strong>technology</strong> and cryptocurrency, the term \"Bitcoin\" is not equal to the term \"cryptocurrency\".</p>\n<p>Keep in mind that when the company is not a first mover, it&rsquo;s definitely harder to build a client base. Switching from one cryptocurrency network <strong>to another comes with</strong> <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-transaction-fee/">transaction fees</strong></a> and dangers. This could be one of the numerous reasons why customers are hesitant to switch from their current provider to a new one. This means that a newcomer will have to put in a lot of effort and time to convince clients to switch from some other crypto exchange platform to their platform.</p>\n<p>There are <strong>three leading methods that newcomers should use </strong>to convince the clients to turn to them:</p>\n<ul>\n<li>Gain a technological advantage over their competitors.</li>\n<li>Prevent future visitors from having access to valuable resources <em>(such as creating unique digital assets for blockchain, recruiting efficient workers, and obtaining crucial suppliers)</em>.</li>\n<li>Build a client base and make sure that in the future they wouldn&rsquo;t switch to the services of the competitors because it would be expensive or inconvenient.</li>\n</ul>\n<p>In order to reach the status of FMA, a company should <strong>aim for developing brand awareness and loyalty</strong> by reaching out to customers and leaving a good first impression. Besides that, they should manage their resources by finding a strategic location, establishing premium contracts with key suppliers, or hiring experienced staff.</p>\n<p>However, besides having plenty of pros, <strong>FMA also has some cons</strong>. For example, it&rsquo;s not always an advantage to release the first product or service in the industry because a company might need to spend a lot of money to persuade customers to try a new product they&rsquo;ve never heard of.&nbsp;</p>\n<p>That&rsquo;s great for competitors because educated buyers will be beneficial for them in the sense that they <strong>won&rsquo;t need to invest as much in product promotion</strong>. Besides, newcomers can learn from the mistakes of the first movers. They can observe what doesn&rsquo;t work with, for example, product promotion, and avoid repeating the same mistakes.</p>\n<p>Nevertheless, being an FMA is excellent in growing areas such as blockchain, where there is still plenty of space for progress to be made.</p>","level":"hard","meta_title":"What is First-Mover Advantage (FMA)? Definition & Meaning | Crypto Wiki","meta_description":"First-Mover Advantage (FMA) meaning: First-Mover Advantage (FMA) - an organization or a company that releases a game-changing service or product in the market to become superior over its competitors.","meta_keywords":null,"language":"en","created_at":"2022-03-14T20:15:07.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-first-mover-advantage-fma"},"prevSection":{"id":339,"original_id":null,"author_id":42,"translator_id":null,"title":"What is Falling wedge?","slug":"what-is-falling-wedge","section":"F","keyword":"Falling wedge","status":"published","definition":"a pattern in technical analysis charts that has a bullish bias and a distinct downward slope.","content":"<p>The falling wedge (descending wedge) pattern is a significant trend that <strong>predicts an upward trend</strong> in the future. It starts broad at the top and then narrows as the price drops. The price action forms a downward-sloping cone as the reaction highs and lows merge.</p>\n<p>A falling wedge pattern forms when <strong>a market becomes centered between two intertwined</strong> <a href=https://www.bitdegree.org/"https://en.wikipedia.org/wiki/Support_and_resistance/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>resistance and support lines</strong></a>. The resistance line's slope must be greater than the support line's. If the <strong>resistance and support lines are pointing down</strong>, it could also be indicated as a falling wedge.</p>\n<p>The falling wedge has the following key aspects:</p>\n<ul>\n<li>As the trend line advances, the volume decreases.</li>\n<li>A breakout across the upper trend line precedes it.</li>\n<li>Its trend lines are convergent.</li>\n</ul>\n<p>Depending on where a falling wedge appears on the price chart, it can be understood as a continuation or <strong>reversal</strong> formation on the trendline. If the falling wedge appears downtrend &ndash; it&rsquo;s a reversal pattern, if it appears <strong>uptrend</strong> &ndash; it&rsquo;s a continuation pattern. Different market conditions must be taken into consideration in both instances.</p>\n<p>A falling wedge marks the end of the period of consolidation. So, it&rsquo;s like a signal that warns buyers that they should reorganize and attract new buying interests in order to push the price action higher.</p>\n<p>Thus, a falling wedge is a key technical pattern that indicates that the adjustment&nbsp;or consolidation&nbsp;has just occurred, as the <strong>asset's price has left the wedge</strong> to the upside and the broader trend is continuing.</p>\n<h3>How to Recognize a Falling Wedge?</h3>\n<p>To spot a falling wedge you should follow these steps:</p>\n<ul>\n<li>Identify whether there is an uptrend or a downtrend.</li>\n<li>Connect the lower highs with the lower lows with the help of a trend line (it will show convergence and create a downward slope).</li>\n<li>Identify the divergence between the price and an <a href=https://www.bitdegree.org/"https://www.investopedia.com/terms/o/oscillator.asp/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong><strong>oscillator</strong></strong></a>.</li>\n<li>Find the resistance point&rsquo;s break (it will indicate entry into the market).</li>\n</ul>\n<p>Even though the breakout is one of the ways of verifying the move, not all wedges result in a breakout. Typically, you should be aiming for a significant move beyond the support line if it&rsquo;s a rising wedge or a move beyond the <strong>resistance trend line</strong> if it&rsquo;s a falling wedge.</p>\n<p>Another indicator of a wedge being near a breakout is falling <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-volume/">volume as the market consolidates. Following a breakthrough, <strong>a spike in volume</strong> is a solid sign that a bigger move is on the way.</p>\n<p>Traders should especially be concerned if the rising wedge moves upwards a past support level. However, note that <strong>the general rule</strong> that support can convert into resistance during a breakout also applies here. Therefore, if you want to confirm the move before opening your position, you could wait for the breakout to begin, then <strong>return</strong>, and bounce of the rising wedge&rsquo;s previous support level.</p>","level":"medium","meta_title":"What is Falling wedge? Definition & Meaning | Crypto Wiki","meta_description":"Falling wedge meaning: Falling wedge - a pattern in technical analysis charts that has a bullish bias and a distinct downward slope.","meta_keywords":null,"language":"en","created_at":"2022-03-14T16:07:16.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-falling-wedge"},"currentChapter":"F","currentSection":"what-is-financial-action-task-force-fatf","chapterTitle":"F","readingLevel":"easy"},"url":"/crypto/learn/crypto-terms/what-is-financial-action-task-force-fatf","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0">
Crypto Terms: Letter F

What is Financial Action Task Force (FATF)?

Financial Action Task Force (FATF) MEANING:
Financial Action Task Force (FATF) - an international organization that establishes international principles to fight money laundering and terrorist financing (AML/CFT).
Easy
1 minute

Let's find out Financial Action Task Force (FATF) meaning, definition in crypto, what is Financial Action Task Force (FATF), and all other detailed facts.

FATF, also known as GAFI (Group d’action financière), is an international organization that establishes international principles to fight money laundering and terrorist financing. It was created in 1989 by G-7. In the beginning, it had only 16 members, but as of 2022, it has 39. Following the 9/11 terrorist attacks, the FATF's mandate was expanded to incorporate terrorist financing in 2001.

The task of this organization is to learn about money laundering trends, monitor legislative, financial, and law enforcement activities on a national and international level, report on compliance, and issue suggestions and standards to combat money laundering.

The global standard for anti-money laundering and anti-terrorist financing is set by the Forty Recommendations on Money Laundering and Nine Special Recommendations on Terror Financing of the FATF. Each member state is allowed to interpret these recommendations based on its own circumstances and the framework of its Constitution.

In 2010, FATF began publishing its Black List, formally known as the Non-Cooperative Countries or Territories List (NCCT), in addition to the legally non-binding 40+9 Recommendations. The list shows countries that have refused to cooperate with international efforts to combat money laundering and terrorist financing.

This includes a refusal to disclose bank or brokerage account data and ownership information of these accounts, as well as client identity, shell corporations, and other financial institutions typically used to launder money.