Long abstract

Hong Kong, China chaired the thirteenth round (2001-2002) of the Financial Action Task Force on Money Laundering (FATF). A significant achievement of the round was the FATF response to counter the financing of terrorism. Following the events of 11 September 2001, the FATF met in an extraordinary session on 29-30 October 2001 in Washington DC to consider the necessary steps for preventing and combating terrorist financing activity. The result of the meeting was the FATF’s
decision to expand its mandate to include terrorist financing. The other concrete achievements of the meeting were the establishment of new international standards for combating terrorist financing – the Eight Special Recommendations – and the development of a comprehensive Plan of Action for implementing them.