PracticeConsultingFATF to hold terror finance egm

FATF to hold terror finance egm

The Financial Action Task Force, the independent body tasked by G7 ministers to combat terrorist financing, is to hold an extraordinary meeting in Washington DC later this month to discuss what initiatives it will implement.

This emergency meeting – to be held from 29-30 October – will discuss ways to ensure the international financial system cannot be misused by terrorists ‘and those who channel funds to them’.

FATF president Clarie Lo said: ‘The FATF, the leading international body in the global fight against money laundering, will provide its expertise and energy to the related battle against the financing of terrorism.’

The meeting will be held in closed session. The FATF, whose secretariat is housed at the OECD in Brussels, is currently canvassing its 31 member countries on how it should respond to calls by a number of governments for a rapid and co-ordinated effort to detect and prevent the misuse of the world financial system by terrorists.

Consultation was only launched last week and executive secretary Patrick Moulette told AccountancyAge.com it was too early to say what measures would be taken.

UK delegates – including those from Customs, the Treasury, NCIS and the FSA – have been urged to respond rapidly.

Links

Terror war to target launderers

FATF online

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