Summary of a meeting of representatives of Supervisors and Legal Experts of G10 Central Banks and Supervisory Authorities on 14 December 2001, Basel, Switzerland
On 14 December 2001, bank supervisors and legal experts of G10 central banks and supervisory authorities met at the BIS to discuss how to prevent the abuse of the financial system when it is used to finance terrorism, and, specifically, issues relating to the sharing of financial records between jurisdictions to assist in the fight against terrorism. The meeting provided an opportunity for participants to review international developments directed at terrorism, and to consider specific assistance that central banks and banking supervisors might provide. The participants discussed measures that had been taken in their jurisdictions to combat terrorist financing and surveyed mechanisms for the sharing of financial records between national jurisdictions. In many of the countries represented at the meeting, legislation has been or is in the course of being amended to provide for sanctions to deter terrorist activities, including measures to deter terrorist financing.