Money Laundering, Terrorism & Financial Institutions
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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.

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