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Timor-Leste Faces Anti-Terrorism Financing Laws Assessment by Asia-Pacific Group
In an effort to strengthen its fight against money laundering and terrorist financing, Timor-Leste is undergoing an assessment by the Asia Pacific Group (APG) from September 18th to 28th. The evaluation aims to gauge the country’s commitment to complying with international standards in this regard.
Meeting with APG Representatives
Led by Acting Minister of Foreign Affairs and Cooperation Agio Pereira, a team comprising senior officials from the Ministry of Foreign Affairs and Cooperation, the Central Bank of Timor-Leste, and other relevant entities met with APG representatives at the Government Palace in Dili. The delegation included:
- Chief of Cabinet Filomeno Rómulo dos Santos Lay
- Acting Director-General for Multilateral and Regional Affairs Leoneto Mantilo
- Executive Director of the Financial Information Unit Maria José Sarmento
APG Team Assessment
The 10-member APG team, comprising experts from China, Australia, Indonesia, Portugal, Canada, Sri Lanka, and Japan, is assessing Timor-Leste’s progress in implementing anti-money laundering and anti-terrorist financing measures. This is the second evaluation conducted by APG since Timor-Leste joined the organization in July 2008.
Report Presentation
During their visit, the APG experts presented a report on the activities undertaken over the past week, highlighting areas of strength and weakness. The assessment will assign ratings to recommendations, ranging from “no complaints” to “substantial complaints”, based on 40 specific recommendations.
Timor-Leste’s Progress
Timor-Leste has made significant strides in developing its anti-money laundering and anti-terrorist financing system, with the establishment of the Financial Intelligence Unit in 2014 being a notable milestone. The country’s anti-money laundering framework is guided by international standards, with laws enacted to combat money laundering and terrorist financing.
About Asia Pacific Group
The Asia Pacific Group was established in 1997 as an initiative of Australia’s FATF-Asia Secretariat, which aimed to create a regional body dedicated to combating money laundering in the Asia-Pacific region. Today, APG is one of the largest anti-money laundering organizations globally, with a network of similar bodies worldwide.
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