Hong Kong presided over a global task force meeting this week (29-30 October) in Washington DC, to set global standards for combating terrorist financing and to spread those standards globally.

Established in 1989, the Financial Action Task Force (FATF) is an independent international body whose Secretariat is housed at the Organisation for Economic Co-operation and Development (OECD).

At the opening of the plenary session, Hong Kong Commissioner for Narcotics Clarie Lo Ku Ka-lee, said the SAR was honoured to have been asked to preside over the organisation.

"We are a tiny place, but we have an importance as an international financial centre disproportionate to our size," Mrs Lo said.

FATF is the leading global organisation targeting money laundering. After the terrorism attacks on September 11, the task force was charge by world leaders with co-ordinating global action against terrorist financing.

Mrs Lo said, "Today the FATF has issued new international standards to combat terrorist financing, which we call on all countries in the world to adopt and implement. Implementation of the Special Recommendations will deny terrorists and their supporters access to the international financial system."