Basel supervisors urge more work on terror funds

Top banking supervisors on Wednesday called for more action to deprive terrorists of funding by sharing information and cracking down on informal money transfer networks.

Jaime Caruana, head of the Basel Committee on Banking Supervision, and Claes Norgren, president of the anti-money laundering body Financial Action Task Force (FATF), said the private sector urgently needed to cooperate more to "drive terrorists out of the financial system".

The two officials, writing in the Financial Times, sa