Money Laundering, Terrorism and Financial Institutions - USA Patriot Act Monitor
 

News Releases

5/25/2004 USA PATRIOT Act Monitor News Release: FATF Renews Mandate for Eight Years
Representatives of the 33 members of the Financial Action Task Force, meeting on May 14 in Paris, renewed the agency's mandate for a further eight years. The current remit of the FATF expires at the end of August 2004, and the new mandate extends to December 2012. Among issues discussed in the new mandate were the possibility of integrating the two sets of Forty and Eight Recommendations into a unified standard. China and India were identified as target countries for membership in 1998, but have not been admitted to date. (Hong Kong is a member.) Though not committing itself to admitting them, the mandate states that the FATF “should continue to actively work” towards their admission. For potential new members, the mandate indicates that counter-terrorist financing criteria might be required. Other aspects of the renewed mandate will be discussed in a forthcoming issue of the Monitor.

The USA PATRIOT Act Monitor and the news releases prepared by the Monitor staff are services of the Civic Research Institute, publisher of Money Laundering, Terrorism, and Financial Institutions, by Raymond Banoun and John Ensminger. Contact and subscription information may be obtained at http://www.civicresearchinstitute.com/moneylaundering or by calling the Civic Research Institute at 609-683-4450 (fax: 609-683-7291).

<< News Releases Main Page