Anti-money laundering group agrees to step up efforts

Anti-money laundering group agrees to step up efforts

BRISBANE, Australia: High-risk countries including Indonesia, the Philippines and Nauru are to be given extra help in combating money laundering as part of the global efforts in the war on terror, a regional conference agreed here Friday.

The 25 nations of the Asia/Pacific Group (APG) on money laundering, wound up a four-day conference here with an agreement also to step up its enforcement of anti-money laundering and anti-terrorist financing standards.

Co-chairman Gary Crooke said the three nations, which are on a list of "non-cooperative" countries compiled by the Paris-based Financial Action Task Force (FATF), would be helped to meet requirements preventing the criminal movement of money.

Hundreds of millions of dollars are estimated to be tied up in money laundering activities in the region linked to terrorist groups and organized crime.

"Every jurisdiction is doing its utmost to help everybody else, because everybody realizes this is a global problem," Crooke told reporters. "If there is a weak link in the chain, the whole chain becomes useless."

Additional training, financial assistance, expert legal advice and intelligence will be more openly shared between the 25 APG member countries and 14 observer nations.

It will be supported by a number of international and regional organizations including the Asian Development Bank, the International Monetary Fund and the World Bank as well as countries like Australia, New Zealand and the United States.

All have committed to increasing the enforcement of anti- terrorist financing in the region.

"There is no doubt about it, the terrible events of Sept. 11 have proved to be a catalyst," said Crooke, who is Australia's National Crime Authority chairman.

Money laundering in Pakistan and India, both APG members, was also raised at the conference due to their proximity to the frontline of the war on terror.

Unlike the wealthier nations of the developed world, money laundering in the sub-continent often did not occur electronically.

"There's a different system in those countries called kabala that has a lot to do with transferring things in kind," said Crooke.

He said the group planned to continue building on its achievements and encouraging other parts of Asia-Pacific to join in its efforts to make life tougher for criminals.

The APG successfully completed five mutual evaluations of member jurisdictions, the Cook Islands, Fiji, Indonesia, Malaysia and Thailand.

It also welcomed as new members Nepal, the Marshall Islands and the Republic of Palau.

The Brisbane conference was conducted behind closed doors because of the sensitive issues.