FATF Issues Best Practices on Freezing of Terrorist Assets

On June 23, 2009, the Financial Action Task Force (FATF) issued an International Best Practices on Freezing of Terrorist Assets. The paper provides non-binding guidance based on updates in relevant U.N. Security Council resolutions relating to the prevention and suppression of the financing of terrorist acts - UNSCR 1267 and its successor resolutions and UNSCR 1373 and any successor resolutions related to the freezing, or, if appropriate, seizure of terrorist assets. Efforts to combat terrorist financing are significantly undermined if jurisdictions do not freeze the funds or other assets of designated persons quickly and effectively...(more)