Financial Crime World

Title: APG Workshop: Enhancing Timor-Leste’s Capabilities to Combat Money Laundering and Terrorism Financing

Overview

From 25-27 October 2022, the Asia Pacific Anti-Money Laundering Group (APG) held a workshop in Dili for Timor-Leste’s National Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) staff. The event aimed to improve the country’s capabilities in addressing the specific challenges of organized crime.

APG Workshop: Key Highlights

  • Commitment to Preventing Financial Crimes: During a press conference with TATOLI at the Ministry of Foreign Affairs and Cooperation, Minister of Justice, Tiago Sarmento Amaral, expressed Timor-Leste’s commitment to preventing and combating financial crimes (Timor Post).
  • Valuable Insights: Maria José Sarmento, the Executive Director of the Financial Information Unit at the Central Bank of Timor-Leste, shared that the workshop aimed to gather valuable insights from attendees to formulate effective countermeasures (Timor Post).

Workshop Goals

  • Assessing Compliance: By March 2023, the National Commission on Money Laundering and Terrorism Financing (NCMLTF) will issue a more comprehensive questionnaire to assess Timor-Leste’s compliance with international standards in combating money laundering and terrorism financing.
  • APG Evaluation: The APG emphasizes that Timor-Leste needs to evaluate its progress towards combating organized crime by the end of March 2023, with a follow-up visit by the APG Secretariat scheduled for the following year.
  • Adopted Mechanisms: The NCMLTF will present a report detailing their adopted mechanisms in legal and political terms against money laundering and terrorism financing in September 2024.

APG Membership

Timor-Leste joined the APG in July 2008 as a member of the group, which now comprises over 40 countries.

Threats of Money Laundering and Terrorism Financing

Money Laundering

Money laundering can take various forms, including:

  • Depositing small cash amounts into unremarkable accounts
  • Purchasing and reselling luxury items through complex international financial transactions

Terrorism Financing

Terrorist financing typically involves raising funds through:

  • Solicitation
  • Collection
  • Or provision with the intention of supporting terrorist acts or organizations

Authors

  • Journalist: Camilio de Sousa
  • Editor: Nelia Borges

References:

Timor Post. (2022, October 26). APG holds Workshop to Combat Money Laundering and Terrorism Financing in Timor-Leste. Retrieved from https://timorpost.com.tl/?p=364565.