29 October 2001
Text: Treasury's O'Neill Urges Global Money Laundering Standards
(Action plans and self-assessment also needed, he says) (830)
U.S. Treasury Secretary Paul O'Neill is asking the Financial Action
Task Force (FATF) to adopt new anti-money laundering recommendations
that will set the international standard for combating terrorist
financing.
The FATF, an independent international body devoted to fighting money
laundering, called a special emergency session October 29-31 in
Washington specifically to address the financing of terrorism.
In his remarks to the opening plenary, O'Neill urged the FATF to
ensure that all countries "swiftly" start complying with new money
laundering recommendations. "I urge this group by the next plenary to
have in hand self-assessments and action plans for every country in
the world," he said.
He also called for regular public reporting on successes in
identifying and taking action against terrorist financing. "Taking
action, in and of itself, is not a measure of success," O'Neill said.
"It's the results we achieve that will prevent future acts of
terrorism."
The FATF secretariat is housed at the Organization for Economic
Cooperation and Development (OECD), and its members include 29
countries as well as the European Commission and the Gulf Cooperation
Council.
Following is the text of O'Neill's remarks to the FATF as prepared for
delivery:
(begin text)
Department of the Treasury
October 29, 2001
Remarks by Paul H. O'Neill
United States Secretary of the Treasury
Before the Extraordinary Plenary Meeting of the
Financial Action Task Force
Madame President, members of the secretariat, distinguished delegates
to this extraordinary plenary meeting of the Financial Action Task
Force (FATF), good morning and welcome to our Nation's capitol. I
thank you for affording me this opportunity to speak with you today.
For a dozen years, the membership of the Financial Action Task Force
has worked to safeguard the integrity of the international financial
system. You have made impressive progress countering the threats posed
by money laundering. Without the force of law or treaty, this
organization has convinced other nations to adopt laws and implement
enforcement regimes to bar the access of criminals to the
international banking system. Today, I ask you to devote your
considerable experience to disrupt the misuse of the international
financial system by terrorists and those who channel funds to them.
The threat that terrorism poses to the world financial system demands
from us an expanded effort to combat the financing of terrorism and
terrorist acts. I am confident that FATF is up to this challenge.
In fact, FATF is uniquely positioned to take up the challenge of
terrorist financing. Our goal must be nothing less than the disruption
and elimination of the financial frameworks that support terrorism and
its abhorrent acts. To achieve this end, we must commit to employing
every influence both within FATF membership and throughout the world.
Among your goals for this plenary should be:
-- Adopting special recommendations that will set the international
standard for combating terrorist financing;
-- Ensuring that not only all FATF members, but indeed all countries
swiftly come into compliance with these standards. I urge this group
by the next plenary to have in hand self-assessments and action plans
for every country in the world.
-- Regular public reports on our successes in identifying and taking
action against terrorist financing. Taking action, in and of itself,
is not a measure of success. It's the results we achieve that will
prevent future acts of terrorism.
Financing terrorism is an abuse of the international financial system
and is repugnant to the international community. Terrorism is a
deliberate intent to cause senseless injury and death, to intimidate
populations, and to cause governments to act from fear. We must make
every effort to eradicate this menace.
Since the tragic events of September 11th, I am pleased that over 150
countries have expressed their support in the fight against terrorist
financing. Over 80 countries have blocking orders in place to freeze
terrorist assets, including many nations represented here. I thank
those countries who have helped us and I look forward to continued
cooperation.
Money knows no boundaries, and no nation can combat terrorist
financing alone. We must all cooperate. Similarly, this effort will
extend far beyond FATF and its membership. The process must include
the FATF-style regional bodies as well as all responsible members of
the international community.
As this extraordinary plenary meeting of the FATF turns its attention
to the serious threat posed by the financing of terrorism, I have
every confidence in the success of these deliberations and the actions
that will follow. We ground our resolve for this task in the goodwill
and cooperation of the FATF membership, and in the conscience of the
greater world community.
Thank you.
(end text)
(Distributed by the Office of International Information Programs, U.S.
Department of State. Web site: http://usinfo.state.gov)
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