Financial Crime World

Title: Timor-Leste’s Anti-Money Laundering Regime under Scrutiny in APG Mutual Evaluation

Overview

Dili, Timor-Leste – The Asia/Pacific Group on Money Laundering (APG) conducted its third round mutual evaluation of Timor-Leste’s Anti-Money Laundering (AML), Counter-Terrorist Financing (CTF), and Counter Proliferation Financing (CPF) regime from September 18-28, 2023.

Evaluation Team

The evaluation team consisted of legal and financial experts from various countries, including:

  • Ferti Srikandi, Indonesia
  • Patrícia Silva, Portugal
  • Masahiro Yoshizaki, Japan
  • Hangtian YE, China
  • Theja Pathberiya, Sri Lanka
  • Priscilla Fong, Macao, China
  • Anthony LaCarte, Canada

APG Secretariat colleagues Suzie White, Gavin Raper, and Kirsty Struthers supported the assessment process.

Evaluation Objectives

The primary objectives of the mutual evaluation were:

  1. To assess Timor-Leste’s adherence to the Financial Action Task Force (FATF) international standards
  2. To evaluate the effectiveness of the country’s implementation of AML/CTF/CPF measures

Interactions with Timorese Authorities

During the onsite visit, the evaluation team held extensive meetings with various stakeholders, including:

  • Government authorities
  • Private sector representatives
  • Civil society groups

The Prime Minister and the Minister of Justice were among those who met with the evaluation team and reiterated Timor-Leste’s commitment to this process.

Cooperation and Hospitality

The evaluation team acknowledged the support and cooperation of the Timorese authorities and expressed gratitude for the hospitality extended during their stay.

Report Review and Consideration

The mutual evaluation report will be reviewed and considered for adoption at the APG Annual Meeting scheduled for 2024.

Significance of Evaluation

This significant assessment comes as the global community works to strengthen its collective efforts in countering financial crimes and promoting transparency. The evaluation outcome will provide valuable insights into Timor-Leste’s AML/CFT/CPF regime and inform the nation’s ongoing efforts to safeguard its financial system.