Arabs eye new steps against terrorism finance

WASHINGTON: Fourteen Arab states that joined forces to fight terrorism financing will issue new policies in September to protect their financial systems and charities from abuse, the head of the group said on Friday. “We have a vested interest in taking preventive measures and to make our banks and countries immune to any abuse by money launderers and terrorists,” said Muhammad Baasiri, the first president of the Middle East and North Africa Financial Action Task Force, which was founded in November. Baasiri said the members had agreed at a plenary meeting this month to draft recommendations on informal “hawala” money transfers, charities and cash couriers, which would be endorsed at their next full meeting on Sept. 26 and 27 in Beirut. In general, steps the countries could take include tighter regulation of charities, formal registration of money transfer businesses, and restrictions on the amount of cash people may carry across borders. reuters

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