Financial Crime World

Timor-Leste Hosts Financial Intelligence Units Assessment by Asia Pacific Group

Minister Agio Pereira Meets with APG Team

In a meeting held at the Government Palace in Dili, Timor-Leste’s Minister of the Presidency of the Council of Ministers and Acting Minister of Foreign Affairs and Cooperation, Agio Pereira, met with the team accompanying representatives from the Asia Pacific Group (APG) to assess the country’s commitment to international standards in fighting money laundering and terrorist financing. The assessment will take place from September 18th to 28th, 2023.

Meeting Attendees

  • Filomeno Rómulo dos Santos Lay, Chief of Cabinet at the Ministry of Foreign Affairs and Cooperation
  • Leoneto Mantilo, acting Director-General for Multilateral and Regional Affairs
  • Maria José Sarmento, Executive Director of the Financial Information Unit of the Central Bank of Timor-Leste (BCTL)

APG Team Composition

The APG team consists of 10 experts from:

  • China
  • Australia
  • Indonesia
  • Portugal
  • Canada
  • Sri Lanka
  • Japan

Specializing in legal, financial/regulatory, and law enforcement matters, including financial intelligence units.

Evaluation Process

The evaluation process will examine the effectiveness of measures adopted by the government in compliance with international standards, involving various government and private sector entities. Ratings will be assigned based on 40 specific recommendations, ranging from “no complaints” to “substantial complaints”.

Timor-Leste’s Anti-Money Laundering and Anti-Terrorist Financing Efforts

Timor-Leste has been developing its anti-money laundering and anti-terrorist financing system through the enactment of specific laws, notably the establishment of the Timor-Leste Financial Intelligence Unit in 2014.

  • The Asia-Pacific region has a significant role in this effort, with Australia establishing the FATF-Asia Secretariat in 1995, which led to the creation of the Asia-Pacific Anti-Money Laundering Group (APG) in 1997.
  • The APG is now the largest organization in membership and geographical size among similar bodies, part of a global network known as Financial Action Task Force-Style Regional Bodies (FSRBs).