FATF meeting to focus on terrorism financing<\/p>\n
Aude Genet, Agence France-Presse, Paris<\/p>\n
The international Financial Action Task Force on Money
\nLaundering (FATF) is to examine the financing of terrorism at a
\nplenary meeting next week in Hong Kong.<\/p>\n
Following the Sept.11 attacks in the United States the Group
\nof Seven industrialized states determined that FATF, created in
\n1989 primarily to combat drug money and tax evasion, should play
\na key role in the campaign to snuff out financial backing for
\nterrorism.<\/p>\n
At a meeting in late October, the FATF, based in Paris under
\nthe auspices of the Organization for Economic Cooperation and
\nDevelopment, adopted eight recommendations aimed at preventing
\nterrorists and their supporters from obtaining funds.<\/p>\n
The Hong Kong session, which opens on Wednesday and closes on
\nFriday, will assess the application of the measures by member
\nstates, the FATF said in statement.<\/p>\n
Only the opening and the closing of the meeting will be open
\nto the public.<\/p>\n
The group had recommended that its 29 member countries adopt
\nmeasures to freeze funds and other assets belonging to terrorists
\nand their financial backers.<\/p>\n
Financial institutions were to warn authorities when funds
\nwere suspected of being used for financing terrorism.<\/p>\n
States were asked to check the adequacy of laws regarding
\nentities capable of being used to finance terrorism.<\/p>\n
Members, including the European Union and the Gulf Cooperation
\nCouncil, were to undergo a \"self-evaluation\" before Dec.31 on
\ntheir position on the recommendations and to commit themselves to
\ntheir application by June 2002.<\/p>\n
The Hong Kong meeting is also to \"examine and review a list
\nuncooperative countries and territories whose anti-money
\nlaundering systems pose serious lapses or refuse to participate
\nin efforts to fight money laundering,\" the FATF said.<\/p>\n
There are currently 19 countries on the FATF's list of
\nuncooperative countries, which exposes them to the possibility of
\nsanctions.<\/p>",
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"sponsor": "Okusi Associates",
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