BusinessCompany NewsFATF re-affirms fight against terror financing

FATF re-affirms fight against terror financing

The OECD-sponsored Financial Action Task Force has re-affirmed its determination to stamp out terror financing on the eve of the anniversary of Sept 11.

Link: Six countries off FATF blacklist

New FATF president Jochen Sanio said ‘countering the financing of terrorism is a top priority for the FATF’ as he called on all countries to join the organisation in its anti-terror campaign.

Since the terror attacks in America last year, the FATF has been at the forefront of efforts to stamp out the sources of terror financing.

Immediately following the attacks, the FATF convened a special meeting in Washington where it agreed to eight special recommendations to fight terror financing.

It also published a blacklist of those countries that were not, in its view, cooperating in the fight against terror financing – this has recently been updated.

And it established a self-assessment questionnaire to see how well-suited its 29 members are to fighting terror financing in their own countries.

The FATF said much progress had been made in putting counter-measures in place in these countries. It has since led a global self-assessment drive, which has seen 100 jurisdictions (non-FATF members) undertake the test.

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