The Financial Action Task Force today agreed special recommendations to combat the financing of terrorism. The recommendations include criminalising the financing of terrorism, powers to freeze and confiscate terrorist assets and obligatory reporting requirements on financial institutions.
The recommendations should ensure that all member countries introduce regulation as comprehensive as that in place in the UK.
Chancellor Gordon Brown, said: ‘It is essential that every country adopts and implements these standards as soon as possible and certainly by the FATF deadline of 30 June 2002. The UK is ready to share its experience in fighting the financing of terrorism with other countries and to provide technical assistance, as necessary.
‘Those who finance terror are as guilty as those who commit it. We are determined to ensure that just as there is no safe haven for terrorists there is no safe hiding place for their funds.’
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