We’re not entirely certain. The closest fonts people have found so far are Compacta Bold and Commador. Both are pretty similar and can easily fool someone at first glance, though they are not 100 percent identical to the real thing, especially when it comes to special characters like the question mark in What Time Is Love?.
It has also been suggested that the KLF font may be related to Folio, Helvetica, or even Hattenschweiler.
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Miscellaneous
Impact font seems quite close.
I unintentionally commented this on April Fools I just realized. I did genuinely mean it.
“Compacta SH Bold” and the italicized variant look like they could be a perfect match.