Anti money laundering group to be more active
Anti money laundering group to be more active
Agence France-Presse, 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.