The paper presents a comprehensive analysis of extensions of the Standard Model that satisfy the criterion of Minimal Flavour Violation (MFV). The authors define MFV by constructing a low-energy effective theory that includes the Standard Model fields, one or two Higgs doublets, and background values of fields transforming under the flavour group as ordinary Yukawa couplings. They analyze the current bounds on the effective scale of dimension-six operators, which range from 1 to 10 TeV, with the strongest constraints coming from the $B \rightarrow X_s \gamma$ decay. In MFV theories, FCNC processes in $B$ physics can be related to those in $K$ physics. The paper compares the sensitivity of various experimental searches in probing the hypothesis of MFV and develops a general procedure to obtain all tan β-enhanced Higgs-mediated FCNC amplitudes, particularly in $B \rightarrow \ell^+ \ell^-$, $\Delta M_B$, and $B \rightarrow X_s \gamma$. Additionally, it derives some two-loop tan β-enhanced supersymmetric contributions to $B \rightarrow X_s \gamma$ that were previously unknown. The authors discuss the implications of MFV in supersymmetric models and the role of effective theory in addressing the flavour problem in models with non-perturbative interactions at energies above the cut-off scale.The paper presents a comprehensive analysis of extensions of the Standard Model that satisfy the criterion of Minimal Flavour Violation (MFV). The authors define MFV by constructing a low-energy effective theory that includes the Standard Model fields, one or two Higgs doublets, and background values of fields transforming under the flavour group as ordinary Yukawa couplings. They analyze the current bounds on the effective scale of dimension-six operators, which range from 1 to 10 TeV, with the strongest constraints coming from the $B \rightarrow X_s \gamma$ decay. In MFV theories, FCNC processes in $B$ physics can be related to those in $K$ physics. The paper compares the sensitivity of various experimental searches in probing the hypothesis of MFV and develops a general procedure to obtain all tan β-enhanced Higgs-mediated FCNC amplitudes, particularly in $B \rightarrow \ell^+ \ell^-$, $\Delta M_B$, and $B \rightarrow X_s \gamma$. Additionally, it derives some two-loop tan β-enhanced supersymmetric contributions to $B \rightarrow X_s \gamma$ that were previously unknown. The authors discuss the implications of MFV in supersymmetric models and the role of effective theory in addressing the flavour problem in models with non-perturbative interactions at energies above the cut-off scale.