APG Meeting on Money Laundering held in Australia
On the 12th Annual Meeting of Asia/Pacific Group (APG) on Money Laundering, special attention is paid to the measures needed to be done to stop the flow of money through charities and non-profit organizations to terrorists.
During the opening ceremony of the week-long conference, the Home Affairs Minister of Australia Brendan O’Connor addressed the delegates saying that terrorism has become a transnational problem over the past decade, posing risks to international financial systems and global security, and that terrorist groups are funded not only through the drug trade and fraud, but also through legitimate sources such as charitable organizations and business profits. In his speech the Minister said that “The Asia/Pacific Group on Money Laundering plays a vital role in the fight against money laundering and terrorism financing.”
Opposition spokesman James Wood talked on the importance of the mechanisms to prevent Australia allowing terrorist groups to launder money in the country. In his turn, Mr. O’Connor informed that new legislation has been introduced to strengthen the criminal asset confiscation regime with unexplained wealth provisions.
The 12th AGP Conference was opened on July 7, 2009 in the Brisbane Convention Centre, and the same day the federal government of Australia released a publication for non-profit organizations to help them safeguard against terrorism financing.
The conference consists of 40 delegations, including China and, for the first time, Papua New Guinea. Among the observers on the conference, there are the Australian Crime Commission, the World Bank and the International Monetary Fund.