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Press Statement


Eight Special Recommendations of Terrorist Financing

The Offshore Group of Banking Supervisors met in London on Tuesday, 6th November.

Members endorsed the action taken by the Financial Action Task Force at its meeting in Washington on 29th/30th October to adopt a set of special recommendations on terrorism finance and to agree a comprehensive plan of action to ensure the swift and effective implementation of the new standards. Members welcomed the global approach being proposed by the FATF in which OGBS members intend to play a full and active part.

The Chairman of the Group, Colin Powell, stated "all members of OGBS are resolute in their commitment to the fight against terrorism. Following the horrific attacks in the USA on the 11th September members either have already taken, or have indicated their firm intention to take, necessary further action to detect and deter any misuse of the financial institutions in their jurisdictions in the financing of terrorism and to support and contribute to the international effort through full, prompt and effective cooperation with other authorities."

Members also formally adopted the recently published Basel Committee paper on customer due diligence for banks which was the product of a cross border banking working group co-chaired by the OGBS and the Basel Committee. Members are fully committed to the know your customer standards contained in the paper which they see as having even greater importance following the events of September 11th.

Members also agreed to establish a new OGBS working group, in which a number of G10 countries, together with the IMF and the FATF, have accepted an invitation to participate. Building on leading edge legislation enacted by a number of OGBS member jurisdictions to provide for the regulation of company and trust company service providers, and the associated good practice required of them, the working group is charged with developing proposals for an international standard for this important area.

For further information please contact the Chairman of the Offshore Group,
Colin Powell,
telephone number 44 (0) 1534 822084,
fax 44 (0) 1534 822001,
e-mail c.poweii@jerseyfec.org

Members of the Offshore Group of Banking Supervisors are Aruba, Bahamas, Bahrain, Barbados, Bermuda, Cayman Islands, Cyprus, Gibraltar, Guernsey, Hong Kong, Isle of Man, Jersey, Labuan, Macau, Mauritius, Netherlands Antilles, Panama, Singapore and Vanuatu.

14th November, 2001