Fight against Money Laundering and Financing of Terrorism already has a workgroup
The National Commission for the Implementation of Measures on the Fight Against Money Laundering and Terrorism Financing (CNCBC) was established through a Resolution from the Council of Minister, approved last February 3rd, this year.
This Commission’s goal is, amongst others, to ensure and promote the implementation of the measures recommended by the Asia-Pacific Group (APG), on the fight against Money Laundering and Terrorism Financing, of which Timor-Leste is a member since July 2008.
The first meeting of CNCBC took place on March 4, in the VIP room of the Ministry of Foreign Affairs and Cooperation, co-chaired by the Minister of State for Foreign Affairs and Cooperation, José Luís Guterres, and the Minister for Justice, Dionisio Babo Soares, and also attended by the Governor of the Central Bank, Abrão de Vasconcelos, as well as representatives of the Prosecutor General's Office, the National Police of Timor-Leste and the National Customs Directorate of the Ministry of Finance.
From this meeting was approved the internal regulation of CNCBC, as well as the establishment of a Working Group to advance the legislative reforms needed to combat this phenomenon. The Working Group established under the powers of CNCBC, will be composed by the Legal Team of the Ministry of Justice and Ministry of Foreign Affairs and Cooperation, as well as technicians of the Prosecutor General's Office and the Central Bank.
Another issue discussed was the international conference to combat money laundering and terrorist financing, which was scheduled to 10-14 March This conference will feature experts of China (Macau), Singapore and Malaysia, as well as for the APG group, the International Foundation against Money Laundering and Terrorist Financing (FATF) and financial institutions.
With this seminar, we intend to evaluate the possibilities of strengthening the legal framework in Combating Money Laundering and the Financing of Terrorism internally, as well as to improve external coordination, especially with the APG and FATF, in order to fulfil international standards on these crimes.
