Gatekeepers Initiative Gains Steam

With the recent enactment of Canadian legislation and issuance of regulations and the final reconciliation on the revised European Community?s anti-money laundering directive, the gatekeepers? initiative has gained new momentum. On January 29-February 2, 2002, the Financial Action Task Force will meet in Hong Kong and there will be papers exchanged on gatekeepers initiative. In February 2002, once the FATF has adopted some policy directions, it will convene a meeting with the private sector. In June, The FATF is expected to take action at its annual meeting. The FAFT and its members (e.g., the Bush Administrative) are likely to act coincident with the FATF action. The Bush Administration is starting to dialogue with the representatives of gatekeepers.