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International Monetary Fund

The International Convention for the Suppression of the Financing of Terrorism Provisions on Prevention of Terrorism Financing Article 18 1. States Parties shall cooperate in the prevention of the offences set forth in article 2 by taking all practicable measures, inter alia, by adapting their domestic legislation, if necessary, to prevent and counter preparations in their respective territories for the commission of those offences within or outside their territories, including: (a) Measures to prohibit in their territories illegal activities of

International Monetary Fund

terrorist assets. The Convention requires states parties to consider adopting some of the standards contained in the FATF 40 Recommendations on Money Laundering. Apart from these and other areas of overlap, each instrument contains provisions not found in the others. For example, the Special Recommendations contain references to alternative remittance systems, wire transfers and non-profit organizations—three topics that are not covered by the Resolution and the Convention. The three main sources of international obligations and standards, namely the Convention, the

International Monetary Fund

treaties. 119 The drafters of the Convention recognized that a country may not have become party to all nine treaties listed in the Annex to the Convention at the time it became a party to the Convention. The Convention authorizes states parties to declare, at the time of becoming a party to the Convention, that a treaty to which the country is not a party will be deemed not to be included in the Annex to the Convention, such declaration ceasing to have effect at the time the country becomes a party to the treaty. Conversely, if a state party to the Convention ceases to

International Monetary Fund

Abstract

1. States Parties shall cooperate in the prevention of the offences set forth in article 2 by taking all practicable measures, inter alia, by adapting their domestic legislation, if necessary, to prevent and counter preparations in their respective territories for the commission of those offences within or outside their territories, including:

LOUIS FORGET

for the Suppression of the Financing of Terrorism. The Convention was elaborated by an ad hoc committee established by the UN General Assembly in 1998 and adopted by the General Assembly on December 9, 1999. The Convention has been signed by 132 States. It came into force on April 10, 2002, among the 31 States that had ratified it. 5 The Convention contains three main obligations for States parties. First, States parties must establish the offenses of financing of terrorism in their criminal legislation. Second, they must engage in wide-ranging cooperation with

FRANÇOIS GIANVITI

cooperation with other States parties or with States in general. The duty is general and, if the interpretation made of it by the Committee on Economic, Social and Cultural Rights is shared by the States parties, the duty would include cooperation with international organizations and cooperation within international organizations. The Committee appears to have recently taken the view that States parties to the Covenant have a duty to ensure that the policies and decisions of the international financial organizations of which they are members are in conformity with the