Saudi Arabia works to block terror funds

[seemslikeadream]

US Treasury says efforts are 'compliant,' but others say more can be done

By Cilina Nasser
Daily Star staff
Thursday, June 17, 2004


FATF's full report, which is due to be released within two weeks, is based on assessments provided by an evaluation team comprised of selected experts in the legal, financial and law enforcement fields at FATF who had visited Riyadh in September 2003.

"Saudi authorities have focused heavily on systems and measures to counter terrorism and the financing of terrorism," a summary of the FATF report said.

The evaluation team found that the laws of Saudi Arabia met FATF standards; the kingdom's investigation and enforcement mechanisms were "substantive and effective" and referred to its legal structures regarding international cooperation as "sound."

However, Millerwise said that "Saudi Arabia must effectively and swiftly implement their new laws and regulations to help combat terrorist financing."

She urged the kingdom to fully develop the Financial Intelligence Unit (FIU) they established under their anti-money laundering system and said steps should be taken to modify statutory provisions regarding terrorist financing to ensure that it covers relevant acts involving funds from legal as well as illegal sources.

Another report released Tuesday by a US foreign affairs think tank, the Council on Foreign Relations (CFR), criticized Saudi Arabia for failing to fully implement a previously announced committee, set up earlier this year to ensure that money sent abroad would not fall into the hands of "terrorists."

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http://www.dailystar.com.lb/article.asp?edition_id=10&categ_id=2&article_id=5372

[noahmijo]

1. I still say trusting the saudis to help us fight terrorism

would be the same as trusting John Gotti to be fair when picking his own jury.

[seemslikeadream]

2. To bad bush can't reel in his own uncle from the money laundering thing

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=125&topic_id=9558&mesg_id=11993&page=