In response to calls from the G7 nations that the task force takes on a more expansive role in combating terrorist funding, the FATF said it had already begun consulting with its membership on the actions it would take ‘as part of its overall mission’.
Patrick Moulette, the executive secretary of the FATF, said the task force had consulted with G7 finance ministers about extending its monitoring of terrorists.
The FATF has campaigned for more stringent measures in financial systems, particularly those offshore, to put an end to money laundering and in June it released a revised blacklist of countries and financial centres that did not meet their requirements.
Tracking terrorist operations is a specialist function as it often involves smaller amounts of cash then in the instances of drug money or money from organised crime. The FATF is well suited to this task given its experience with monitoring global anti-money laundering legislation and its recommendation for measures to be imposed against non-cooperative countries.
The potential anti-terror role of the FATF comes as countries across Europe freeze the assets of suspected individuals and terrorist organisations. Italy, Germany, France and Switzerland have all launched initiatives aimed at directly putting a stop on the flow of terrorist funds, laundered through banks and other financial centres.
In addition, the US has pledged its full support for the OECD efforts at increasing transparency and accountability in offshore financial centres, while promising to close down those centres that do not comply with regulations.
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