YouSaid · the spoken record

Shin

lines on the record
7
first
2015-12-17
most recent
2015-12-17
sittings or episodes
1
sources
un-security-council

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  1. “The visible support of the United Nations helps us put pressure on members to implement FATF standards effectively. Finally, the FATF is a task force with a time-limited mandate. That focuses our work and can make us responsive and flexible. But it also means that we depend on the goodwill and support of members to implement and assess the FATF standards and to share their knowledge of the changing threats. As finance ministers, we need the Council's strong support in order to carry out our work. I will therefore end by thanking the members of the Security Council, and all of our members, for their help with our essential work.”

    2015-12-17 · UN Security Council · Security Council, S/PV.7587 (2015) · source

  2. “We know, for example, that different data-protection laws mean that banks, one of our largest sources of intelligence, are often prevented from sharing information across borders even within their own organizations, let alone with other banks or the authorities. We will also identify and share red flags, indicators of terrorist financing, so as to help the private sector detect and report suspicious activity. The FATF has always worked closely with the United Nations. In October we updated our standards to reflect resolution 2178 (2014), on foreign terrorist fighters. With a strong mandate from the Security Council today, we will take further action to strengthen those measures throughout the FATF global network, and we will continue to promote faster, more effective implementation of targeted financial sanctions.”

    2015-12-17 · UN Security Council · Security Council, S/PV.7587 (2015) · source

  3. “On Sunday, members of the FATF, the United Nations, the International Monetary Fund, the World Bank and others came together to learn lessons from the recent attacks, focusing on members' operational capability to counter terrorist financing. Our most important conclusion is that there is a need for better and more timely information-sharing among agencies within and among jurisdictions and with the private sector. In the next six weeks we will gather information from FATF members on the terrorist financing risks that they are facing, the challenges of sharing financial intelligence and how they are responding to those challenges. That will help us work together to overcome obstacles to information sharing.”

    2015-12-17 · UN Security Council · Security Council, S/PV.7587 (2015) · source

  4. “It is now urgent that every jurisdiction focus on effectively implementing the FATF standards, not just on passing laws and regulations. The value of those measures is clear. On Saturday, the FATF convened a meeting of operational experts from financial intelligence units, law enforcement and security and intelligence agencies. They explained how financial intelligence from the private sector has helped to track down the terrorists behind recent attacks, thereby preventing further attacks. We also heard about cases where disrupting terrorist financing has undermined terrorist groups' ability to prepare attacks.”

    2015-12-17 · UN Security Council · Security Council, S/PV.7587 (2015) · source

  5. “Of those, 43 have since made the necessary reforms. Our aim is to protect the integrity of the financial system and to make sure that there are no safe havens for terrorist financing. During the past six months, the FATF has reviewed the implementation of counter- terrorist financing measures in 196 jurisdictions. Almost all have criminalized terrorist financing and can apply targeted financial sanctions. In the past two months alone, half of those jurisdictions where we found serious problems have introduced urgent laws to address them. But that is not enough. Only 33 jurisdictions have secured convictions for terrorist financing, and most implement United Nations asset freezes too slowly, with delays of between two days and one month.”

    2015-12-17 · UN Security Council · Security Council, S/PV.7587 (2015) · source

  6. “ISIL misuses charities and money-remitters and needs to physically move large quantities of cash. Financial intelligence can reveal the structure of terrorist groups, the activities of individual terrorists, and their logistics and facilitation networks. How does the FATF help and what has it achieved? It has put in place a global framework of standards to combat the financing of terrorism, based on Security Council resolutions. Almost all jurisdictions have committed to implementing the FATF standards and are being assessed by their peers. We publicly name those that fail to take action. That serves to warn other jurisdictions and banks of the risks, and deters foreign investment. So far, the FATF has put more than 80 jurisdictions through that process and has publicly identified 58 of them.”

    2015-12-17 · UN Security Council · Security Council, S/PV.7587 (2015) · source

  7. “Mr. Shin: I thank you, Sir, for this unprecedented opportunity to address the Security Council and to highlight the importance of countries taking urgent action to implement the Financial Action Task Force (FATF) standards to counter terrorist financing and help defeat the Islamic State in Iraq and the Levant (ISIL). Terrorism needs money. ISIL operates as a State and provides all the services a State is expected to provide. Therefore, ISIL needs more money than other terrorist groups. Money is its biggest vulnerability. Preventing and disrupting financial flows must be at the centre of any successful strategy to defeat ISIL. Disrupting the finances of ISIL damages its ability to recruit fighters. ISIL needs access to the financial system to move money and pay for supplies.”

    2015-12-17 · UN Security Council · Security Council, S/PV.7587 (2015) · source