The group has established four committees to assess whether financial centres around the world meet newly published criteria for judging rules and practices that impede the prevention of money laundering.
FATF said that if territories and countries were found not to be co-operating in the fight against terrorism, efforts would initially be made to persuade them to amend their laws and practices.
Pressure could also be exerted through other forums such as the Group of Seven leading industrial nations, the OECD, the Basle Committee, the World Bank and the International Monetary Fund.
If offenders still fail to mend their ways, financial institutions in other countries could be instructed to monitor transactions and report suspicious dealings to supervisors, auditors and law enforcement authorities.
Financial Action Task Force website