FATF commits to fight terror money

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

Whitepaper

The Future of Finance is in the CFO's Hands

Business The Future of Finance is in the CFO's Hands

3m
Save a Week a Month Consolidating Accounts

Accounting Software Save a Week a Month Consolidating Accounts

4m
Mitigating Risk Through Internal Control

Legal Mitigating Risk Through Internal Control

4m
Could tax season have run more efficiently?

Corporate Tax Could tax season have run more efficiently?

5m

Related Articles

Paul Morton, Tax Director, Office of Tax Simplification

Administration Paul Morton, Tax Director, Office of Tax Simplification

1y Emma Smith, Managing Editor
LITRG urges government to consider tax changes in disability work plan

Administration LITRG urges government to consider tax changes in disability work plan

2y Lucy Skoulding, Reporter
HMRC appeal rejected in Tottenham Hotspur case

Administration HMRC appeal rejected in Tottenham Hotspur case

2y Emma Smith, Managing Editor
HMRC issues updated Trusts Registration Service guidance

Administration HMRC issues updated Trusts Registration Service guidance

2y Emma Smith, Managing Editor
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

2y Emma Rawson, ATT Technical Officer
‘Improve rather than lose’ disincorporation relief, tax body urges

Administration ‘Improve rather than lose’ disincorporation relief, tax body urges

2y Austin Clark, Reporter
Are you ready for the Trusts Registration Service?

Administration Are you ready for the Trusts Registration Service?

2y Helen Thornley, ATT Technical Officer
Advisers bullish despite Brexit concerns

Accounting Standards Advisers bullish despite Brexit concerns

3y Fraser Simpson, Reporter