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AML Compliance Procedures in TIMOR Under Scrutiny During Recent Onsite Visit

In September 2023, a team of international experts descended upon Dili, Timor-Leste for the country’s third Round APG Mutual Evaluation. The assessment team consisted of legal and financial experts from Indonesia, Portugal, Japan, China, Sri Lanka, Macao, and Canada, as well as representatives from the APG Secretariat.

Assessment Objectives

The evaluation process focused on Timor-Leste’s anti-money laundering (AML), counter-terrorist financing (CFT), and counter-proliferation financing regime. The assessment examined both technical compliance with FATF international standards and the effectiveness of the country’s AML/CFT measures, using the 2013 FATF assessment methodology.

Onsite Visit

During their onsite visit, the team held meetings with government authorities, private sector representatives, and civil society groups to gather information. They also met with the Prime Minister and the Minister of Justice, a testament to Timor-Leste’s commitment to the evaluation process.

Findings and Feedback

The evaluation team praised the cooperation and assistance provided by Timorese authorities during the visit, as well as the hospitality extended to them. The findings of the mutual evaluation will be considered for adoption at the APG Annual Meeting in 2024.

Key Takeaways

• A team of international experts conducted a mutual evaluation of Timor-Leste’s AML/CFT regime.
• The assessment examined technical compliance with FATF standards and the effectiveness of AML/CFT measures.
• The evaluation team praised cooperation and assistance from Timorese authorities during the onsite visit.