Business gives views on terrorist financing to foremost global body

ICC’s Commission on Banking has submitted input on terrorism financing to the Financial Action Task Force (FATF), a global authority on policies to halt money laundering and terrorist financing.

According to ICC, this is the first time the FATF, which issues directives that are closely followed by national authorities, has requested feedback from ICC.

The AML Task Force of ICC’s Commission on Banking is giving the FATF the view of financial institutions on a FATF guidance paper regarding financing weapons of mass destruction (WMD) and identifying suspect WMD financing under United Nations Security Council Resolution 1737. The guidance paper is aimed at enlisting the compliance of financial institutions.

ICC presented its Task Force position, which emphasizes practical implementation, 16 April in Athens at the semi-annual Banking Commission meeting.

The ICC letter to FATF addresses identifying and scrutinizing high-risk customers and transactions, and recommends competent authorities supply additional information to financial institutions that could help identify illicit practices.

The letter also advises jurisdictions to encourage financial institutions to rely upon existing customer due diligence programs for identifying high-risk activity.

Additionally, the ICC letter suggested the FATF furnish more specific recommendations for individual jurisdictions to ensure more consistent implementation, which would also smooth implementation by financial institutions operating in multiple countries.

ICC’s Banking Commission has long and extensive experience in the banking sector, with 500 members in more than 70 countries.

http://www.amlosphere.com/america/aml/business-gives-views-on-terrorist-financing-to-foremost-global-body.html