Page:United States Statutes at Large Volume 118.djvu/3888

 118 STAT. 3858 PUBLIC LAW 108–458—DEC. 17, 2004 information shall be completed, to the fullest extent practicable, by the day after the date of the general election. (d) EFFECTIVE DATE.—Notwithstanding section 351, this section and the amendments made by this section shall take effect on the date of enactment of this Act. Subtitle G—Improving International Standards and Cooperation to Fight Ter- rorist Financing SEC. 7701. IMPROVING INTERNATIONAL STANDARDS AND COOPERA- TION TO FIGHT TERRORIST FINANCING. (a) FINDINGS.—Congress makes the following findings: (1) The global war on terrorism and cutting off terrorist financing is a policy priority for the United States and its partners, working bilaterally and multilaterally through the United Nations, the United Nations Security Council and its committees, such as the 1267 and 1373 Committees, the Finan- cial Action Task Force (FATF), and various international finan- cial institutions, including the International Monetary Fund (IMF), the International Bank for Reconstruction and Develop- ment (IBRD), and the regional multilateral development banks, and other multilateral fora. (2) The international financial community has become engaged in the global fight against terrorist financing. The Financial Action Task Force has focused on the new threat posed by terrorist financing to the international financial system, resulting in the establishment of the FATF’s Eight Special Recommendations on Terrorist Financing as the inter- national standard on combating terrorist financing. The Group of Seven and the Group of Twenty Finance Ministers are devel- oping action plans to curb the financing of terror. In addition, other economic and regional fora, such as the Asia-Pacific Eco- nomic Cooperation (APEC) Forum, and the Western Hemi- sphere Financial Ministers, have been used to marshal political will and actions in support of combating the financing of ter- rorism (CFT) standards. (3) FATF’s Forty Recommendations on Money Laundering and the Eight Special Recommendations on Terrorist Financing are the recognized global standards for fighting money laun- dering and terrorist financing. The FATF has engaged in an assessment process for jurisdictions based on their compliance with these standards. (4) In March 2004, the IMF and IBRD Boards agreed to make permanent a pilot program of collaboration with the FATF to assess global compliance with the FATF Forty Rec- ommendations on Money Laundering and the Eight Special Recommendations on Terrorist Financing. As a result, anti- money laundering (AML) and combating the financing of ter- rorism (CFT) assessments are now a regular part of their Financial Sector Assessment Program (FSAP) and Offshore Financial Center assessments, which provide for a comprehen- sive analysis of the strength of a jurisdiction’s financial system. These reviews assess potential systemic vulnerabilities, con- sider sectoral development needs and priorities, and review 31 USC 5311 note. 3 USC 102 note. VerDate 11-MAY-2000 13:54 Nov 10, 2005 Jkt 029194 PO 00000 Frm 00392 Fmt 6580 Sfmt 6581 C:\STATUTES\2004\29194PT4.001 APPS10 PsN: 29194PT4

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