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Asian Development Bank has formally established a trust fund to strengthen assistance to its developing member countries in fighting money laundering and the financing of terrorism.
The Cooperation Fund for Regional Trade and Financial Security Initiative has been set up through initial contributions by the governments of Australia, Japan, and the United States. The fund, to run for three years initially, is open to and seeking further contributions by other countries and organizations.
The fund will support technical assistance to enhance port security (including airports, cargo ports, and containers) and combat money laundering and terrorist financing in developing countries. The fund's scope will include the establishment of financial intelligence units and legal and supervisory regimes for anti-money laundering and promoting the upgrade of customs security and modernization. It will also complement measures under the Secure Trade in the Asia Pacific Economic Cooperation Region (STAR) Initiative, which focuses on protecting cargo, ships, international aviation, and people in transit.
The fund will allow ADB to play a more active role in building regional capacity for anti-money laundering and controlling the financing of terrorism and will help in carrying out APEC's secure trade agenda," he said.
The fund may be used for conducting feasibility studies, training, and the development of policies, legislation, systems, and procedures. Although open to all of ADB's eligible developing member countries, emphasis will be placed on those that are also APEC economies and most at risk.
Priority will be given to high impact projects that can catalyze other investment and policy reforms and have a good chance of local or regional replication.
Terrorism poses a potential threat to economic development and ultimately poverty reduction efforts in Asia and the Pacific. For example, the Bali bombing in 2002 contributed to a decline in tourist receipts equal to about 1% of Indonesia's gross domestic product.
GO TO PAGE 2
.... South and Southeast Asian Corporate Report Card
.... Asian Development Outlook 2004
.... Banking Sector Reforms in Asia
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