Since 1985, the Security Council has also been concerned with the issueofterrorism, and in 2001, it established its Counter-Terrorism Committee, which is charged with monitoring the response of member states to the requirements of Security Council Resolution No. 1373 (2001). 5 Earlier, in its Resolutions 1267 (1999) 6 and 1333 (2000), 7 the Security Council had decided that UN member countries would seize the assets of named terrorists and terrorist organizations. A number of conventions have also been adopted at the regional level. 8 There is thus a
regulatory framework for fighting money laundering and the financing of terrorism. An anti-terrorism law which addresses also the issuesofterrorism financing was adopted by end-May 2003. Work is underway on the money laundering issues which will be covered by a separate law. Meanwhile, drawing on FATF recommendations, Bank Al Maghrib has already issued regulations to all credit institutions under its supervision establishing the minimum requirements in terms of customer due diligence, record-keeping, early identification of unusual or suspicious transactions, and
Ukraine . The FMD is expected to be fully staffed 41 and to become operational by June 2003. The FMD is given broad powers to implement the law, including the power to pass regulations in this area. The Law also includes provisions on international cooperation in information sharing and enforcement. The new AML Law addresses the issuesofterrorism financing by including terrorism and terrorist financing among predicate crimes for money laundering, and by bringing combating the financing of terrorism into the AML framework. The Law requires mandatory reporting of all
This 2004 Article IV Consultation highlights that Morocco’s macroeconomic conditions remained strong in 2003. Growth increased to 5.5 percent because of an exceptionally good cereal production, while non-agricultural growth showed signs of revival. Inflation was below 2 percent and the external position strengthened further. External reserves reached the equivalent of 10 months of imports of goods and services and covered the totality of external public and publicly guaranteed debt. Macroeconomic conditions are projected to remain broadly unchanged in 2004.
This Financial System Stability Assessment paper for Ukraine reviews financial sector issues and highlights macroeconomic developments, vulnerabilities, and soundness of the financial system. It discusses creditors' rights, insolvency, and corporate governance, and Anti-Money Laundering and Combating of Financing Terrorism. It provides information on the observance of international standards and codes, and the compliance with the Basel Core Principle for Effective Banking. It also reviews Ukraine’s observance of good transparency practices in monetary and financial policies, including payments system oversight, banking supervision, and deposit insurance supervision.