Terrorist Financing - FATF Report to G20 Leaders
16 November 2015 - Today, the Financial Action Task Force (FATF) published its report to G20 Leaders on the global implementation of key counter-terrorist financing measures - making it a criminal offence to finance terrorism, and using targeted financial sanctions to freeze the assets of terrorists and their financiers.
The FATF reviewed measures to cut off terrorism-related finance in the jurisdictions which take part in the FATF’s global network on anti-money laundering and countering terrorist financing (AML/CFT).
The exercise demonstrated the strength and reach of the global FATF network, and the commitment of member jurisdictions to tackling money laundering and terrorist financing. 194 Jurisdictions took part in this initiative to report to the G20 on the measures they have taken.
The key findings are:
The FATF is taking further action to counter terrorist financing by:
Mr. Je-Yoon Shin, FATF President, said:
“Financial measures are an essential tool for fighting terrorism, and the FATF’s top priority is to fight the growing threat from ISIL and other terrorist groups by cutting off their financial flows. This study shows that we have built a global legal framework to criminalise terrorist financing and freeze terrorist funds in almost all countries. We will continue our efforts to close the remaining gaps and make sure all jurisdictions implement these measures effectively. ”
The Financial Action Task Force (FATF) is an inter-governmental body established in 1989 as the global standard-setter for measures to combat money laundering and terrorist financing, and other related threats to the integrity of the international financial system. The FATF is therefore a “policy-making body” which works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas. The FATF has developed the 40 Recommendations, which are the international standard for combating of money laundering and the financing of terrorism and proliferation of weapons of mass destruction. As well as setting standards, the FATF is responsible for regular assessments of how well members are implementing the Recommendations, and takes action against countries which are non-compliant.
For more information, journalists are invited to contact Alexandra.email@example.com at the FATF Secretariat.