In a news release issued from its Paris headquarters today, the Financial Action Task Force (FATF) reinforced its invitation to countries around the world to join the combat against terrorist financing.

As the anniversary of the 11th September 2001 events in the United States approaches, the FATF has reaffirmed its commitment to be a leader in the international fight against the financing of terrorism. Building on its efforts in the past year, the FATF will continue to take aggressive steps to prevent, detect and ultimately dry up the flow of funds to terrorists. *”Countering the financing of terrorism is a top priority for the FATF”*, said the new FATF President Jochen Sanio, *”and we are calling upon all countries around the world to join us in this effort”*.

**International Standards**

At an extraordinary Plenary session in Washington, D.C. immediately after the tragedy last September, the FATF issued eight key international standards to which countries should adhere to effectively combat terrorist financing. (see pdf below).

It subsequently held a Global Forum in Hong Kong in February 2002 to ensure world-wide acceptance of these standards. Since that time, the FATF has led a global self-assessment exercise in which over 100 jurisdictions have participated. The Bahamas was one of such jurisdictions, submitting its assessment forms to the Task Force in May. (see list below)

The FATF has created a working group to address the wide array of issues relating to terrorist financing, including the abuse of non-profit organisations, the abuse of wire transfers, and the identification of countries that lack adequate controls in order to allow for follow-up assessments or technical assistance.

Progress made by FATF members and non-members in adopting counter-terrorist financing measures will be further discussed at the next Plenary meeting of the FATF to be held in Paris on 9-11 October.