International guidance to help police tackle money laundering and the financing of terrorism has been welcomed by the Government.

Recommendations by the Financial Action Task Force (FATF) will strengthen the fight against financial crime, a HM Treasury statement has said.

This includes standards ranging from dealing with the production of weapons of mass destruction to laundering of money from corruption and tax crimes.

Commercial Secretary to the Treasury, Lord Sassoon said: “The UK welcomes the revised FATF standards.

“The integrity of the global financial system will now be better protected through strengthened measures to combat the global threat of money laundering, terrorist financing and of the proliferation of weapons of mass destruction.

“We are fully committed to implementing these new global standards and will work with international partners in FATF to encourage full and consistent adoption by all countries.”

The revised FATF recommendations call for a wider range of techniques and powers for police to investigate and prosecute money laundering and terrorist financing.

They also encourage closer cooperation and information sharing between police forces worldwide when working on cases.

The UK’s success in implementing the new standards will be reviewed in 2013.

For more information on the FATF, click here