Brussels, 17/06/2005 (Agence Europe) - During their first meeting in Singapore, the Financial Action Task Force on Money Laundering (FATF) and the Asia/Pacific Group on Money Laundering (APG) announced on 10 June their resolve to consolidate the global network for combating money laundering and funds used for terrorist activities. The APG countries have agreed on what support they need to implement the 40+9 FATF recommendations. The South Africa Kader Asmal is set to chair the FATF starting on 1 July.
In the wake of its plenary session, the FATF published an assessment report on countries and territories designated as non-cooperative (Myanmar, Nauru, Nigeria). It hailed the progress these nations had made, while urging them to press on with their reforms. It also called on financial institutions to probe any transactions with individuals, companies and banks based in these countries and territories.
The FATF also adopted its annual report on money laundering methods and trends. It has undertaken a review of the vulnerability of the insurance sector, alternative transfer systems and the links between money laundering and illegal immigration and the trade in human beings. The FATF has also revamped its interpretation of the VII recommendation about electronic money transfers. It has assessed the situation in Belgium and Norway as part of a third series of mutual reviews of all its members on the basis of the tougher standards adopted in June 2003 and February 2004. It will be holding a meeting in November 2005 in Rio de Janeiro (Brazil) with its Latin American partners, and in February 2006 in Cape Town (South Africa) with its partners in Eastern and Southern Africa.