Financial Action Task Force Issues Annual Report and Plans Meeting with Gulf Cooperation Council in the Wake of Money Movement Problems

On June 29, the Financial Action Task Force released its annual report. The next issue of the International Law Reporter will discuss its highlights. In October 1993, the FATF will hold a meeting with members of the Gulf Cooperation Council to discuss ways to implement the FATF’s 40 recommendations to counter money laundering. The open nature of the Gulf States’ financial sectors has left them vulnerable to potential abuse even though they do not constitute major drug transshipment centers…[more]