FATF To Meet In Plenary Session This Week

by Carla Johnson, Investors Offshore.com

08 October 2002

The Financial Action Task Force (FATF) is to meet in plenary session in Paris this week, it has announced.

Prior to the two-day meeting, which will commence on Wednesday, the FATF will be holding an international forum with representatives from the private sector, including bankers, lawyers, accountants, and estate agents, to seek their advice on the review of the international body's 40 anti-money laundering recommendations.

In addition to the review of the recommendations, which will then take place at the plenary meeting, FATF members will be examining new and established money laundering practices, including those relating to the financing of terrorism.

The list of Non-Cooperative Countries and Territories will also come under discussion, according to the FATF, although recent reports in the international media have suggested that the anti-money laundering group may refrain from 'naming and shaming' any more countries, as part of a 'a universal, co-operative approach', being undertaken in conjunction with the IMF and the World Bank.

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