The meeting, to be held in Berlin on Friday, will likely see the 29-member countries (including the UK, US, France, Germany and Japan) adopt the Forty Recommendations against money laundering, including for the first time due diligence obligations for both the financial and non-financial sectors.

The Forty Recommendations set out the basic framework for anti-money laundering efforts, covering the criminal justice system and law enforcement; the financial system and its regulation, and international cooperation.

At the meeting it will also be decided whether Russia and South Africa will be given full member status, following an evaluation of their anti-money laundering systems.

Following the events of 11 September in the US, FATF stepped up its efforts to stop terror financing gaining access to international financing network.