Coming out of its 27-29 February Plenary Session, the Financial Action Task Force (FATF) has released a statement summarising new steps to protect the international financial system from abuse. The Chairman says the FATF has agreed to:

• Issue a statement highlighting deficiencies in the anti-money laundering / counter terrorist financing systems in Uzbekistan, Iran, Pakistan, São Tomé & Príncipe, and Turkmenistan; and drawing attention to the AML/CFT risks in the northern part of Cyprus.

• Admit the Caribbean Financial Action Task Force (CFATF) as an FATF associate member.

• Publish a comprehensive new study on terrorist financing methods and trends.

• Publish new guidance to support the efforts of low capacity countries to implement the FATF Standards.

• Conduct new joint projects and initiatives with the private sector in relation to the FATF standards and to AML/CFT typologies.

• Adopt evaluations of the anti-money laundering and counter terrorist-financing systems in Canada and Singapore.

• Hold a meeting of all FATF Ministers in April 2008 in Washington to adopt a revised mandate for the FATF, setting out future strategic priorities.