TESTIMONY BEFORE THE US HOUSE COMMITTEE ON FINANCIAL SERVICES SUBCOMMITTEE ON TERRORISM AND ILLICIT FINANCE – PROLIFERATION FINANCE

The Royal United Services Institute has published the testimony given by Tom Keatinge, Director of the Centre for Financial Crime and Security Studies at RUSI in which he details the research and reports from RUSI assessing the awareness and effectiveness of governments and their private sectors in implementing proliferation finance controls.  He traced the origins of co-ordinated counter-proliferation financing (CPF) efforts to 2012, when FATF broadened its recommendations to include measures relating to countering the financing of WMD, their delivery vehicles, and related goods and activities.  The move to include this subject alongside terrorist financing and money laundering was seen by many of FATF’s member states as a vital next step.  He goes on to review the current international position, saying that FATF is currently undertaking a global evaluation of countries’ compliance with its 40 Recommendations for combatting financial crime, and the effectiveness of such compliance and as of mid-May, 50 countries have been reviewed in the current round, running since 2014 (the US review was published in December 2016).  Recommendation 7 and Immediate Outcome 11 address CPF.  He provided a snapshot of the results to date –

RUSI

He then goes on to deal with securing the financial system against abuse by proliferators and vulnerabilities across the supply chain.  In conclusion he makes recommendations for the private sector, the international community and the US Government.

https://financialservices.house.gov/uploadedfiles/hhrg-115-ba01-wstate-tkeatinge-20180712.pdf

 

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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