The ADB on Monday formally established a trust fund to step-up assistance to 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, an ADB statement said.rn
rnThe fund, to run for three years initially, is open to and seeking further contributions by other countries and organizations.rn
rnThe 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. rn
rnThe funds 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. rn
rnIt will also complement measures under the Secure Trade in the Asia Pacific Economic Cooperat