The Financial Action Task Force (FAFT) is the foremost global standard setting body on matters of money laundering and terrorism financing. It is an informal expert body overseen by a network of finance ministers of the G20 and about 17 other larger economies of the world. The FATF in its July 2017 plenary meeting decided to explore ways of transforming itself into a formal international organization. International institutional law discourse, particularly in connection with a previous similar move of re-organization of the Organization for Security and Cooperation in Europe (OSCE), seems to propose that transformation into legal personhood is a good news for the accountability of those institutions. This chapter challenges this understanding by analyzing the specific circumstances of the FATF through international relations scholarship. The chapter shows specific institutional dynamics under which international legal personality could both enhance and curtail accountability.
|Title of host publication||Technocracy and Multi-level Governance: What Role for Accountability?|
|Editors||A. Arcuri, F. Coman Kund|
|Place of Publication||London/New York|
|Publication status||Published - 2021|