FATF looks within to fight terror financing
The Financial Action Task Force will release a report on Friday, revealing the results of an assessment of its own members' attempts to counter terror financing.
The OECD-aligned FATF has been at the centre of a global campaign, led by the United States, in wake of the 11 September attacks, to strangle the supply of funds – through financial centres – to launch terrorist attacks.
At a meeting of FATF members in Hong Kong today, Claire Lo, president of the FATF, called on member countries to implement the Eight Special Recommendations, on top of 40 general recommendations, agreed to in October 2001, aimed at denying terrorists and their supporters access to the international financial system.
All countries are advised by the FATF to implement these recommendations to prevent their financial centres becoming harbours for terrorists funds.
The FATF will also release on Friday, its 13th annual report on anti-money laundering and antiterrorist financing activities, and a report on the findings of non-cooperative countries and regions.
The 29 members of the FATF include Argentina, France, Germany, Spain, the United Kingdom, the United States, and the European Commission and the Gulf Co-operation Council.