For more than two decades, the Financial Action Task Force (FATF) has been the central governance network for developing anti-money laundering policies. It serves as a prototype of a new form of governance, linked to soft law, peer reviews, and expert advice. Literature on the FATF, however, rarely questions the transferability of this model to other areas of global governance. Seeking to fill this gap, this article analyzes the networking activities that created and maintain the FATF. I argue that two major difficulties are particularly challenging for any global governance network: initiation problems and commitment problems. The article describes how the FATF’s members have overcome these difficulties and developed the network over time. It also shows that some tools and conditions that contributed to the FATF’s success are difficult to replicate for other networks. The conclusions outline some ways to overcome these challenges and present further questions for research.