FATF Action Plan Against Terrorist Financing

In order to secure the swift and effective implementation of these new standards, FATF agreed to the following comprehensive Plan of Action:

• By 31 December 2001, self-assessment by all FATF members against the Special Recommendations. This will include a commitment to come into compliance with the Special Recommendations by June 2002 and action plans addressing the implementation of Recommendations not already in place. All countries around the world will be invited to participate on the same terms as FATF members.

• By February 2002, the development of additional guidance for financial institutions on the techniques and mechanisms used in the financing of terrorism.

• In June 2002, the initiation of a process to identify jurisdictions that lack appropriate measures to combat terrorist financing and discussion of next steps, including the possibility of counter-measures, for jurisdictions that do not counter terrorist financing.

• Regular publication by its members of the amount of suspected terrorist assets frozen, in accordance with the appropriate United Nations Security Council Resolutions.

• The provision by FATF members of technical assistance to non-members, as necessary, to assist them in complying with the Special Recommendations.

In taking forward its Plan of Action against terrorist financing, the FATF will intensify its co- operation with the FATF-style regional bodies and international organisations and bodies, such as the United Nations, the Egmont Group of Financial Intelligence Units, the G-20, and International Financial Institutions, that support and contribute to the international effort against money laundering and terrorist financing.

FATF also agreed to take into account the Special Recommendations as it revises the FATF 40 Recommendations on Money Laundering and to intensify its work with respect to corporate vehicles, correspondent banking, identification of beneficial owners of accounts, and regulation of non-bank financial institutions.
Click here to view the news release issued after the Washington Plenary meeting.