Anti-money laundering group agrees to step up efforts<\/p>\n
BRISBANE, Australia: High-risk countries including Indonesia,
\nthe Philippines and Nauru are to be given extra help in combating
\nmoney laundering as part of the global efforts in the war on
\nterror, a regional conference agreed here Friday.<\/p>\n
The 25 nations of the Asia\/Pacific Group (APG) on money
\nlaundering, wound up a four-day conference here with an agreement
\nalso to step up its enforcement of anti-money laundering and
\nanti-terrorist financing standards.<\/p>\n
Co-chairman Gary Crooke said the three nations, which are on a
\nlist of "non-cooperative" countries compiled by the Paris-based
\nFinancial Action Task Force (FATF), would be helped to meet
\nrequirements preventing the criminal movement of money.<\/p>\n
Hundreds of millions of dollars are estimated to be tied up in
\nmoney laundering activities in the region linked to terrorist
\ngroups and organized crime.<\/p>\n
"Every jurisdiction is doing its utmost to help everybody
\nelse, because everybody realizes this is a global problem,"
\nCrooke told reporters. "If there is a weak link in the chain, the
\nwhole chain becomes useless."<\/p>\n
Additional training, financial assistance, expert legal advice
\nand intelligence will be more openly shared between the 25 APG
\nmember countries and 14 observer nations.<\/p>\n
It will be supported by a number of international and regional
\norganizations including the Asian Development Bank, the
\nInternational Monetary Fund and the World Bank as well as
\ncountries like Australia, New Zealand and the United States.<\/p>\n
All have committed to increasing the enforcement of anti-
\nterrorist financing in the region.<\/p>\n
"There is no doubt about it, the terrible events of Sept. 11
\nhave proved to be a catalyst," said Crooke, who is Australia's
\nNational Crime Authority chairman.<\/p>\n
Money laundering in Pakistan and India, both APG members, was
\nalso raised at the conference due to their proximity to the
\nfrontline of the war on terror.<\/p>\n
Unlike the wealthier nations of the developed world, money
\nlaundering in the sub-continent often did not occur
\nelectronically.<\/p>\n
"There's a different system in those countries called kabala
\nthat has a lot to do with transferring things in kind," said
\nCrooke.<\/p>\n
He said the group planned to continue building on its
\nachievements and encouraging other parts of Asia-Pacific to join
\nin its efforts to make life tougher for criminals.<\/p>\n
The APG successfully completed five mutual evaluations of
\nmember jurisdictions, the Cook Islands, Fiji, Indonesia, Malaysia
\nand Thailand.<\/p>\n
It also welcomed as new members Nepal, the Marshall Islands
\nand the Republic of Palau.<\/p>\n
The Brisbane conference was conducted behind closed doors
\nbecause of the sensitive issues.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/anti-money-laundering-group-agrees-to-step-up-efforts-1447899208",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}