The Financial Action Task Force or FATF has its headquarters in Paris and was originally set up by the G7, but its recommendations have become practically universal. No country G7 or otherwise wants to be on the FATF blacklist for failing to adopt effective measures to fight financial crime, being on the blacklist, or even being on FATFs gray list, which means the jurisdiction is under increased monitoring for financial crime risk damages a country's attractiveness for foreign direct investment and can make it a magnet for dirty money. There are currently 40 FATF recommendations. A question that is often asked is whether the FATF recommendations have the force of law? The answer is no. They're often referred to as standards, but the laws and regulations needed to meet the standards are the preserve of national lawmakers. National laws give the FATF recommendations their teeth compelling compliance from institutions and their employees. For example, employees have a legal duty to report suspicious transactions, and institutions have a legal duty to investigate whether the suspicion has substance. If it does, it must be reported to the National Financial Intelligence Unit. Establishing and maintaining a national financial unit for the collection and investigation of suspicious transactions by the police, is one of the FATFs 40 recommendations.