FATF chief leads team at meeting

PUBLISHED : Monday, 10 February, 2003, 12:00am
UPDATED : Monday, 10 February, 2003, 12:00am

Clarie Lo Ku Ka-lee, the Commissioner for Narcotics, will head a delegation of Hong Kong experts attending the plenary meeting of the Financial Action Task Force on Money Laundering (FATF) in Paris tomorrow.

Before the meeting, Ms Lo, FATF president, and the delegates will participate in meetings on terrorist financing and a review of FATF's 40 recommendations.

There is an ongoing review of the recommendations, which ensure member nations adhere to certain money-laundering reporting standards.

Initial reaction has been mixed, with some countries baulking at what they feel will result in more cumbersome requirements.

Progress made so far will be reported at the meeting.

The meeting on terrorist financing is expected to concentrate on alternative remittances and wire transfers of money.

There will also be a discussion on self-assessment exercises by member countries and a report on the types of money laundering that are most prevalent this year.

Eleven countries that fall under the 'non-co-operative' FATF list will be reviewed and attempts will be made to gauge the progress of nations recently removed from the list.

Among the Hong Kong delegation will be representatives from the Department of Justice, the Hong Kong Monetary Authority and the Narcotics Division of the Hong Kong Police.

Hong Kong relinquished the chair of FATF last summer.

The meeting this week in Paris will run until Friday.