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News Releases
10/06/2003 USA PATRIOT Act Monitor News Release: FATF elaborates
on asset freezing, Myanmar
The Financial Action Task Force has issued an Interpretive Note to Special Recommendation
III: Freezing and Confiscating Terrorist Assets, and has also issued an International
Best Practices paper on the subject of freezing. At the plenary session held
at the beginning of October, the FATF left the list of non-cooperative countries
and territories unchanged, but asked members to impose additional counter-measures
on Myanmar effective November 3, 2003, unless the country introduces mutual
legal assistance legislation into its parliament and issues comprehensive rules
and regulations for its anti-money laundering law by that date. In an address
to the United Nations on September 25, the Foreign Minister of Myanmar, U Win
Aung, stated that economic sanctions against Myanmar, presumably including those
recommended by the FATF, went against the spirit and letter of the Charter of
the United Nations but also violate international law and rules of international
trade. The FATF praised Ukraine and Indonesia for making advances. Ukraine has
submitted an implementation plan and Indonesia has been invited to so as well.
These jurisdictions will be evaluated at the next plenary session in February
2004. These developments will be analyzed in the October 2004 issue of the USA
PATRIOT Act Monitor.