FATF commits to fight terror money
The Financial Action Task Force has formally expanded its role to fight terrorist finances in addition to money laundering.
Announcing the move today at the end of an emergency meeting in Washington, FATF president Clarie Lo said the task force would be calling on all countries to implement a set of recommendations that would deny terrorists and their supporters access to the international financial system.
The 29 member countries of the task force, including the UK, have agreed a series of actions which would commit countries to criminalising the financing of terrorism, terrorist acts and terrorist organisations.
FATF, an independent international body allied to the Paris-based OECD, said all member countries should adopt the recommendations by June 2002.
Clarie Lo said: ‘Implementation of these special recommendations will deny terrorists and their supporters access to international financial system.
Recommendations include:
* Immediate steps to implement the relevant United Nations instruments.* Criminalise the financing of terrorism, terrorist acts and terroristorganisations.* Freeze and confiscate terrorist assets.* Report suspicious transactions linked to terrorism.* Provide the widest possible range of assistance to other countries’law enforcement and regulatory authorities for terrorist financinginvestigations.* Impose anti-money laundering requirements on alternative remittancesystems.* Strengthen customer identification measures in international anddomestic wire transfers.* Ensure that entities, in particular non-profit organisations, cannotbe misused to finance terrorism.
FATF is also committed to producing additional guidance for financial institutions by February 2002.
Terror war to target launderers