Here is the rewritten article in Markdown format:

Combating the Financing of Terrorism: Timor-Leste’s Commitment

Dili, East Timor - A Vital Step Forward

The Financial Action Task Force (FATF) has welcomed the adoption of a crucial United Nations Security Council Resolution aimed at combating the financing of terrorism. The resolution emphasizes the need for countries to criminalize and effectively prosecute terrorist financing, as well as implement targeted financial sanctions.

Combating Terrorist Financing: A Global Effort

Speaking at a press conference in Dili, East Timor, FATF President emphasized that combating terrorist financing is a critical issue that requires concerted efforts from all countries. “Terrorists will try to find new ways to fund their malign activities, but we can and must identify these schemes and stop them in their tracks,” he said.

Key Components of the Resolution

The resolution highlights the importance of:

Interagency coordination and information sharing among and within states to effectively counter terrorist financing
Bringing specific cases of non-compliance with international obligations to light through the Counterterrorism Committee and ISIL/AQ Monitoring Team

FATF has released a confidential best practices paper to all relevant authorities on ways to strengthen interagency information sharing and cooperation. The organization has also amended Recommendation 2 to recognize the need to ensure compatibility between data privacy and Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) requirements.

Private Sector Partnerships Crucial

The FATF recognizes the importance of working closely with the private sector to combat terrorist financing. “New developments in public-private partnerships can add significant benefits in terms of greater and faster access to information,” FATF President said.

Conclusion: The Fight Against Terrorist Financing Continues

Countries must do more to combat terrorist financing. Terrorists will always need funding, but we can and must criminalize such conduct and punish those who engage in terrorist financing to keep the international community safe.

The FATF will continue using its assessment processes to ensure that states adequately implement these obligations, and hold accountable states that do not. The organization looks forward to continuing its close collaboration with the United Nations Security Council to combat terrorist financing and help keep the international community safe.