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FATF and Timor-Leste Strengthen AML/CTF Cooperation
The Financial Action Task Force (FATF) has recently completed a mutual evaluation of Timor-Leste’s anti-money laundering and counter-terrorist financing (AML/CFT) measures. The assessment was conducted in partnership with the Asia/Pacific Group on Money Laundering (APG), one of FATF’s global networks.
Assessment Objectives
The evaluation aimed to assess the effectiveness of Timor-Leste’s AML/CFT regime, including its legal and regulatory framework, as well as its implementation and enforcement. The assessment also examined the country’s cooperation with other jurisdictions in combating money laundering and terrorist financing.
Key Findings
According to the report, Timor-Leste has made significant progress in implementing its AML/CFT measures, but there are still areas that require improvement. The evaluation highlighted several key findings:
- Comprehensive legal framework: Timor-Leste has a comprehensive legal framework for AML/CFT, but some laws and regulations need to be strengthened.
- Financial intelligence unit (FIU): The country’s FIU is well-established, but its resources and capabilities need to be enhanced.
- Enforcement agencies: Timor-Leste’s enforcement agencies have shown progress in investigating and prosecuting money laundering and terrorist financing cases, but more needs to be done to address the issue of beneficial ownership.
- Reporting requirements: There are some gaps in the country’s reporting requirements for AML/CFT purposes.
Recommendations
To address these shortcomings, FATF has recommended several measures to Timor-Leste:
- Strengthen legal framework: Strengthen its legal framework to ensure effective implementation and enforcement of AML/CFT measures.
- Enhance FIU resources: Enhance the resources and capabilities of its FIU to better respond to money laundering and terrorist financing threats.
- Improve reporting requirements: Improve the reporting requirements for AML/CFT purposes, particularly in relation to beneficial ownership.
- Increase international cooperation: Increase cooperation with other jurisdictions to share information and best practices.
Technical Assistance
FATF has also offered technical assistance to Timor-Leste to support its efforts to implement the recommended measures. The organization is committed to working closely with Timor-Leste to strengthen its AML/CFT regime and prevent the misuse of its financial system for money laundering and terrorist financing purposes.
About FATF
The Financial Action Task Force (FATF) is an independent inter-governmental body that sets standards and promotes effective implementation of measures to combat money laundering, terrorist financing and other related threats. FATF has 37 member jurisdictions worldwide, including Timor-Leste, which is a member of the Asia/Pacific Group on Money Laundering.
Contact
For more information about FATF’s work in Timor-Leste or AML/CFT in general, please contact:
[Name] Financial Action Task Force (FATF) [Email] [Phone]
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