The Financial Action Task Force on terrorism and money-laundering

After the recent tragic events that took place in the United States on 11 September 2001, many governments are calling for a rapid and coordinated effort to detect and prevent the misuse of the world financial system by terrorists. The European Union Finance and Economics Ministers and the G-7 Finance Ministers have suggested that such an initiative be pursued in the framework of measures already taken by the international community to combat money laundering. The Financial Action Task Force on money laundering (FATF) calls itself ‘a body with considerable expertise, authority and credibility in addressing money laundering issues’ and states that it is well placed to take on a significant role in the effort to keep terrorists from freely using the financial system. The FATF has therefore begun consulting with its membership on the actions it will take to support this effort as part of its mission.

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