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.
* 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.
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