This means that countries, state authorities, and the private sector should understand the ML/TF risks to which they are exposed and apply AML/CFT measures in a manner that would ensure the mitigation of these risks. The set of AML/CFT measures formulated by the FATF must be based on understanding ML/TF risks already in the 2003 Recommendations. With the revised 2012 Recommendation, a risk-based approach has become central to effectively implementing all the requirements.