More effort needed to intercept terrorist funds, say G8 ministers

SAINT PETERSBURG - The Group of Eight (G8) finance ministers resolved to step up their efforts to combat financial flows to terrorist organisations at a meeting here on Saturday.

By (AFP)

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Published: Sat 10 Jun 2006, 7:50 PM

Last updated: Sat 4 Apr 2015, 3:23 PM

“We confirm our resolve to fight money laundering and terrorism financing and are committed to strengthening our systems for freezing assets and sharing information, and development of multilateral financial tools to disrupt criminal and illicit activities,” the ministers said in a statement after two days of talks in this Russian city.

The ministers called for further efforts by all countries to implement the recommendations of a Western-led organisation devoted to combatting money laundering, the Financial Action Task Force.

The September 11, 2001 attacks on the United States prompted greater emphasis by the West on tracking and intercepting money used to fund terrorist activity.

The Financial Action Task Force was created in 1989 by the Organisation for Economic Cooperation and Development.

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