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FATF winning war on terror financing

The OECD-aligned Financial Action Task Force says countries throughout the world are united in ensuring terrorists do not gain access to the international financial system.

At a meeting of FATF members in Hong Kong today, Claire Lo, president of the FATF, called on member countries to implement the Eight Special Recommendations, agreed to in October 2001, aimed at denying terrorists and their supporters access to the international financial system.

The international body also announced the completion of the first phase of its assessing its own members performance in complying with the recommendations.

These were introduced after the body announced it was expanding its anti-money laundering drive to include an effort to fight terrorist finances.

Attended by almost 60 members of the FATF as well as 10 international bodies, it was stressed that all countries, not just member states, implement the eight recommendations.

The FATF called on all jurisdictions in the world to undergo a self-assessment exercise against the Eight Special Recommendations on the same terms as FATF members.

The entire assessment will be published by June 2002, the deadline for FATF members to comply with the special recommendations.

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