Saturday, June 28, 2014

Afghan president may not have signed terror finance law: source --- But international officials in the Afghan capital have since told Reuters only one of the two laws needed to avoid the blacklist had been signed by Thursday night. -- "One was signed, the anti-money laundering law," an official close to the matter said, adding that the officials were trying to determine if the second measure had been signed. -- The laws are part of measures needed to save Afghanistan from being blacklisted by the international watchdog, the Financial Action Task Force (FATF). -- "The meeting is still happening in Paris, the question is whether the combating the financing of terrorism law has been signed," a second official said. -- The president's press office confirmed on Friday the law fighting money laundering had been signed, but did not comment on the law to battle the financing of terrorism. -- Banking and government officials are hoping eleventh-hour efforts to push through the legislation will convince the FATF Afghanistan has done enough to prove it is serious about cracking down on money laundering and terrorist financing. -- If Afghanistan goes on the watchdog's blacklist, its banks could be cut off from the global financial system, disrupting up to $10 billion worth of annual imports, putting all sectors of its aid-dependent economy under strain. -- Many banks have already stopped dealing with Afghanistan because of weak regulation and last month most Afghan banks were dealt a fresh blow when their Chinese counterparts abruptly put a halt to dollar transactions. -- The FATF watchdog is expected to discuss Afghanistan on Friday, the last day of a meeting that started from June 23. - More, http://www.reuters.com/article/2014/06/27/us-afghanistan-banking-idUSKBN0F21AM20140627

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