RP, 8 nations in FATF spotlight

STOCKHOLM, Sweden (AFP) — The Philippines and eight other countries on an international blacklist of nations seen as being slack on money laundering will be in the spotlight when the Financial Action Task Force (FATF) meets in Stockholm this week.

The main item on the agenda for the two-day meeting opening today will be "to examine the situation in the nine countries which are on the list of uncooperative countries," FATF executive secretary Patrick Moulette told AFP.

"We will see if any progress has been made and the possible consequences," he said.

The eight other countries are Ukraine, the Cook Islands, Egypt, Guatemala, Indonesia, Myanmar, Nauru and Nigeria.

The FATF was created in 1989 by the Organization for Economic Cooperation and Development to fight dirty money, and has since the Sept. 11, 2001 attacks in the US also worked to stamp out the flow of funds to extremist organizations.

The exact nature of the issues to be discussed in Stockholm has not been disclosed, but the representatives of the 31 member states and two organizations are expected to remove Israel from the list of countries under international observation.

According to the Israeli daily Haaretz, an FATF delegation informed Israel of its decision during a meeting in mid-September in Jerusalem with the director of the
Justice Ministry, Aharon Abramovitz.

That report has not been officially confirmed.

Member states are also expected to discuss how countries can implement measures and recommendations announced in October 2001 aimed at seizing and confiscating assets linked to terrorism financing.

"We need to specify and clarify these recommendations, especially on freezing terrorists’ assets. We are trying to establish guidance so countries know what to do," Moulette said.

Delegates will also "evaluate some countries’ experiences in fighting terrorism funding in order to learn from their experiences and determine if they need technical assistance," he said.