Anti-money laundering and counter terrorist financing regimes are among the most effective tools for combating financial crime and illicit financial flows. This chapter looks at the most recent reviews of OECD country compliance with the 2003 Financial Action Task Force (FATF) Recommendations in these two areas. In order to stem illicit financial flows and to avoid becoming safe havens for illicit financial flows, as well as to be in line with the revised 2012 FATF Recommendations, OECD countries should begin by adopting a risk-based approach to combating money laundering and terrorist financing. Based on the analysis of areas where countries have faced the biggest difficulties in complying with the 2003 FATF standards, the following may deserve particular attention: i) strengthening implementation of customer due diligence procedures; ii) improving compliance with beneficial ownership requirements; iii) ensuring effective regulation, supervision and sanctions, including for non-financial businesses and professions, and trust and company service providers.