HISTORIC PRESS RELEASE : HM Treasury welcomes tough new measures to tackle terrorist financing [October 2001]
The press release issued by HM Treasury on 31 October 2001.
The Financial Action Task Force (FATF) today agreed tough new Special Recommendations to combat the financing of terrorism. The recommendations – which include criminalizing the financing of terrorism, powers to freeze and confiscate terrorist assets, obligatory reporting requirements on financial institutions, and reports on implementation of promised action – should ensure that all member countries introduce regulation as comprehensive as that in place in the UK.
The Chancellor of the Exchequer, Rt Hon Gordon Brown MP, commenting on the agreement said:
“I welcome today’s agreement by the FATF to adopt new standards against terrorist financing. I am pleased to say that the UK already complies with all of them – one of the very few countries to do so.
It is essential that every country adopts and implements these standards as soon as possible and certainly by the FATF deadline of 30 June 2002. The UK is ready to share its experience in fighting the financing of terrorism with other countries and to provide technical assistance, as necessary.
Those who finance terror are as guilty as those who commit it. We are determined to ensure that just as there is no safe haven for terrorists there is no safe hiding place for their funds.”
