CFT Compliance Requirements in Timor-Leste Under Scrutiny as Experts Conduct Onsite Visit

A team of international experts conducted a critical onsite visit to Dili, Timor-Leste from September 18 to 28, 2023 to assess the country’s anti-money laundering (AML), counter-terrorist financing (CFT), and counter-proliferation financing regime. This evaluation is part of Timor-Leste’s third round mutual evaluation under the Asia-Pacific Group on Money Laundering (APG).

The Onsite Visit

The team consisted of six experts from various countries, including Indonesia, Portugal, Japan, China, Sri Lanka, and Canada, as well as three officials from the APG Secretariat. During their visit, they held meetings with: * Government authorities * Private sector representatives * Civil society groups to assess Timor-Leste’s compliance with the Financial Action Task Force (FATF) international standards.

The assessment is based on the 2013 FATF assessment methodology, which evaluates both technical compliance and effectiveness of AML/CFT measures implemented by the country.

Cooperation and Assistance

The visiting team met with the Prime Minister and Minister of Justice, demonstrating Timor-Leste’s commitment to the evaluation process. The experts also acknowledged the cooperation and assistance provided by local authorities as well as the warm hospitality extended to them during their stay.

Implications for Timor-Leste

The mutual evaluation report will be considered for adoption at the APG Annual Meeting in 2024. The outcome is expected to have significant implications for Timor-Leste, particularly with regards to its compliance requirements under international anti-money laundering and counter-terrorist financing standards.