ASEM Finance Ministers Consider Anti-Money Laundering Measures

by Robert Lee, Tax-News.com, London

08 July 2002

Reporting on the first day of the Asia-Europe Meeting of finance ministers (ASEM) on Friday, the UK's Guardian newspaper revealed that the principal topic of conversation throughout the meeting is likely to be the international efforts to stamp out terrorist financing and money laundering.

In addition to finance ministers from the 15 nation European Union and from ten Asian nations (Brunei, the Philippines, Indonesia, Japan, China, Malaysia, Singapore, Korea, Thailand and Vietnam), the Copenhagen meeting was attended by EU Economic and Monetary Affairs Commissioner Pedro Solbes, as well as leading officials from the Asian Development Bank, the European Central Bank, and the International Monetary Fund.

Speaking on condition of anonymity, an official from the Italian Economics Ministry told the Guardian that countries such as Hong Kong, Singapore, Malaysia and Thailand have been praised by the United States for their assistance in the international crackdown, but that Indonesia and the Philippines - both of which remain on the FATF's list of NCCTs (non-cooperative countries and territories) - are likely to face increased scrutiny from the multilateral group.

He revealed on Friday that Italian Finance Minister, Giulio Tremonti was planning to call for improved information exchange between countries, and for greater transparency in financial markets. He added that the IMF would be asked to strengthen its ties with those offshore centres which have demonstrated willingness to cooperate in the fight against money laundering.

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