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Wolfsberg Group Pledges Anti-terrorism Support
In view of the recent events in the United States the Wolfsberg Group of International Private Banks (1) together with Transparency International (2) and their advisers (3) have agreed on the following private sector initiative to promote the international fight against terrorism:
1. All member banks of the Wolfsberg Group in their global businesses are fully committed to support all local and international authorities in their tracing of terrorists as well as their associates and flow of funds. For this the banks have set up appropriate internal structures.
2. The Wolfsberg Principles already cover all kinds of serious crime which include terrorism. Nevertheless, the banks will review the Principles by the end of this month to explicitly include terrorism as one of the serious offences under the policy and all the relevant paragraphs.
3. Last spring the banks have started an initiative for closer co-operation between regulators, law enforcement agencies, international police organisations and the private sector. Both sides agreed that there is room for closer co-operation in the fight against serious crime which could also include the mutual sharing of more information.
4. To bring this dialogue forward the banks will schedule a follow-up meeting which will focus especially on common ground for intensified fight against international terrorism which may lead to joint initiatives and actions between the private and public sector.
5. The banks welcome the idea that the Financial Action Task Force on Money Laundering (FATF) should extend their anti-money laundering principles to the fight against international terrorism and offer their support as industry advisors.
(1) The Wolfsberg Group consists of the following leading international banks
ABN Amro Bank NV, Banco Santander Central Hispano, S.A., Barclays Bank, Citibank, N.A., Credit Suisse Group, Deutsche Bank AG, Goldman Sachs, HSBC, JPMorgan Private Bank, Société Générale, UBS AG
and became known when they agreed to a set of global anti-money-laundering guidelines for international private banks a year ago. The guidelines were jointly announced by the banks and by Transparency International (TI). Wolfsberg is the location in Switzerland where an important working session to formulate the guidelines was held.
(2) Transparency International (TI) is a Berlin based non-governmental organization, dedicated to increasing government accountability and curbing both international and national corruption.
(3) Prof. Mark Pieth is a law professor in Basel, Switzerland. He is Chairman of the OECD Working Group on Bribery and Corruption and a former member of the Financial Action Task Force on Money Laundering (FATF).
Stanley E. Morris is an international Consultant on anti-money-laundering issues. He was head of FinCEN and a member of the Financial Action Task Force on Money Laundering (FATF).
ABN Amro Bank NV
Banco Santander Central Hispano, S.A.
JPMorgan Private Bank
Credit Suisse Group
Deutsche Bank AG
Transparency International (TI)
Group Media Relations
+41 1 234 85 00
Zurich / Basel, 05 October 2001