Timor-Leste Under Scrutiny for Anti-Money Laundering Regulations
Dili, September 26 - The Minister of the Presidency of the Council of Ministers and Acting Minister of Foreign Affairs and Cooperation, Agio Pereira, held a meeting with the Asia Pacific Group (APG) team at the Government Palace in Dili today. The APG is conducting an evaluation of Timor-Leste’s commitment to complying with international standards in the fight against money laundering and terrorist financing from September 18th to 28th.
Assessment Team Comprising Experts
The assessment team consists of ten experts from China, Australia, Indonesia, Portugal, Canada, Sri Lanka, and Japan. The team includes specialists in legal, financial/regulatory, and law enforcement matters. During the meeting, the APG experts briefed Minister Pereira on their activities since the start of the evaluation process.
Second Evaluation for Timor-Leste
This is the second time Timor-Leste has undergone this evaluation since its accession to the APG in July 2008. The government entities and private sector stakeholders will be heard during this process, which assigns ratings to recommendations ranging from “no complaints” to “substantial complaints” based on 40 specific recommendations.
Development of Anti-Money Laundering System
Timor-Leste has been developing its anti-money laundering and anti-terrorist financing system through the enactment of specific laws in recent years, including the establishment of the Timor-Leste Financial Intelligence Unit in 2014. The APG was established in 1997 as a regional body to combat money laundering and terrorist financing.
Importance of Evaluation Process
The evaluation process is crucial for Timor-Leste’s financial sector, which has been growing rapidly in recent years. The country aims to strengthen its anti-money laundering regulations to prevent the misuse of its financial system and maintain international cooperation. The outcome of the assessment will be used as a basis for further improvement and implementation of recommendations.
About APG
The APG is one of the largest and most influential regional bodies combating money laundering and terrorist financing globally, with over 40 member countries. Its evaluation process is designed to assess the effectiveness of anti-money laundering measures in each country, providing recommendations for improvement and ensuring international cooperation in fighting financial crimes.
Key Recommendations
- Strengthen laws and regulations related to anti-money laundering and anti-terrorist financing
- Improve the effectiveness of the Timor-Leste Financial Intelligence Unit
- Enhance international cooperation in combating money laundering and terrorist financing
- Increase public awareness of the risks associated with money laundering and terrorist financing