Common use of Money Laundering and Financing of Terrorism Clause in Contracts

Money Laundering and Financing of Terrorism. 1. The Parties shall cooperate in order to prevent the use of their financial and relevant non-financial systems to launder the proceeds of criminal activities, as well as for the purpose of financing of terrorism. That cooperation extends to the recovery of assets or funds derived from the proceeds of crime. 2. Cooperation in this area shall allow exchanges of relevant information within the framework of respective legisla­ tions and the adoption of appropriate standards to combat money laundering and financing of terrorism, equivalent to those adopted by relevant international bodies active in this area, such as the Financial Action Task Force on Money Laundering (FATF).

Money Laundering and Financing of Terrorism. 1. The Parties shall cooperate in order to prevent the use of their financial and relevant non-financial systems to launder the proceeds of criminal activities, as well as for the purpose of financing of terrorism. That cooperation extends to the recovery of assets or funds derived from the proceeds of crime. 2. Cooperation in this area shall allow exchanges of relevant information within the framework of respective legisla­ tions and the adoption of appropriate standards to combat money laundering and financing of terrorism, equivalent to those adopted by relevant international bodies active in this area, such as the Financial Action action Task Force on Money Laundering (FATFFaTF).

Money Laundering and Financing of Terrorism. 1. The Parties shall cooperate in order to prevent the use of their financial and relevant non-financial systems to launder the proceeds of criminal activities, as well as for the purpose of financing of terrorism. That cooperation extends to the recovery of assets or funds derived from the proceeds of crime. 2. Cooperation in this area shall allow exchanges of relevant information within the framework of respective legisla­ legisla- tions and the adoption of appropriate standards to combat money laundering and financing of terrorism, equivalent to those adopted by relevant international bodies active in this area, such as the Financial Action Task Force on Money Laundering (FATF).