tax & jurisdiction
The FATF is designing a global system to freeze and confiscate the assets of terrorists. At the same time, the organisation is taking steps to ensure comprehensive measures to combat money laundering and terrorist financing are implemented worldwide.
The plan is that the confiscation mechanism will act as a blueprint to countries that are currently implementing such measures. It will provide a framework of measures for combating terrorist financing in conjunction with the FATF's new best practice guidance relating to informal money transfer systems.
Also, in a joint venture between the FATF, the IMF and the World Bank, an assessment system will be set up to judge how fully countries are complying with anti-money laundering and anti-terrorist financing standards, in a similar vein to the black, grey and white lists on co-operative jurisdictions that played such an important part of the FATF's recent activities.
At the same time the FATF will be teaming up with the United Nations to try to ensure that any weaknesses in anti-terrorist financing laws are identified. The FATF will then provide any technical assistance necessary to protect the integrity of these financial systems.
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till