CFATF Welcomes New Member

The Caribbean Financial Action Task Force (CFATF) is pleased to announce the addition of its newest member the United States of America to the organisation. The USA officially became a member on Wednesday 4th December 2024 during the CFATF’s 59th Plenary and Working Group Meetings which was held in Hanover, Jamaica during the period December 1st to 6th, 2024.

The historical signing of the Memorandum of Understanding was undertaken by Mr. Scott Rembrandt, Deputy Assistant Secretary for Strategic Policy Office of Terrorist Financing and Financial Crimes. The signing was the culmination of a decision taken by the Council of Ministers of the CFATF, to approve the application for membership of the USA, during its meeting held on Tuesday, 3rd October 2024 in Maimi, Florida.

The addition of the USA increases the CFATF’s membership to twenty (25) members, which also includes Anguilla, Antigua and Barbuda, Aruba, Barbados, Belize, Bermuda, Cayman Islands, Curaçao, Dominica, Grenada, Guyana, Haiti, Jamaica, Monserrat, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Sint Maarten, Suriname, The Bahamas, Trinidad and Tobago, Turks and Caicos Islands, Venezuela and the Virgin Islands.

Mr Scott Rembrandt in his remarks to the Plenary, expressed the USA’s gratitude for being accepted as a member of the CFATF and echoed the commitment of the USA to work with the organisation and all its fellow members to advance the developmental objective of the CFATF as it works on concluding the 4th Round of Mutual Evaluations and preparing for the 5th Round of Mutual Evaluations which commences in March of 2026.

CRTMG Survey on Money Laundering Vulnerabilities in Financial Arrangements of Non-Traditional DNFBPs

As part of our ongoing study into money laundering vulnerabilities in the financial arrangements of non-traditional Designated Non-Financial Businesses and Professions (DNFBPs), the CRTMG is reaching out to invite private sector businesses involved in sectors such as motor vehicle sales, art, and other high-value products, whether or not currently subject to AML supervision to participate.

Please click here to complete the questionnaire. The information provided will be instrumental in identifying and improving our understanding of vulnerabilities in these sectors. The deadline for completion is November 25, 2024.

Thank you for your cooperation and participation in this important study.

Sincerely,

The CRTMG Project Team.

Saint Lucia 4th Enhanced Follow-Up Report and Technical Compliance Re-rating

Port of Spain, Trinidad and Tobago, October 14, 2024 – Saint Lucia has undergone an enhanced follow-up process following the adoption of its Mutual Evaluation Report. The report assessed the effectiveness of Saint Lucia anti-money laundering and counter-terrorist financing (AML/CFT) measures and the country's compliance with the FATF Recommendations.  

In conformity with the CFATF Procedures for the Fourth Round of AML/CFT Mutual Evaluations, Saint Lucia has reported to the CFATF regarding the progress it has made to strengthen its AML/CFT framework and the 4th Follow-Up Report of Saint Lucia evaluates the country's efforts to address the technical compliance deficiencies identified in the Mutual Evaluation. 

According to the report, Saint Lucia has made considerable strides in its fight against ML and TF since its 2021 Mutual Evaluation Report. As a result, the Caribbean Financial Action Task Force has re-rated the country on 7 out of the 40 Recommendations:

  • Recommendation 6: Targeted Financial Sanctions related to Terrorism & Terrorist Financing from Non-Compliant to Partially Compliant
  • Recommendation 7: Targeted Financing Sanctions related to Proliferation from Non-Complaint to Partially Compliant
  • Recommendation 15: New Technologies from Partially Complaint to Largely Compliant
  • Recommendation 26: Regulation and Supervision of Financial Institutions from Non-Compliant to Largely Compliant
  • Recommendation 28: Regulation and Supervision of DNFBPs from Partially Complaint to Largely Compliant
  • Recommendation 33: Statistics from Partially Complaint to Largely Compliant
  • Recommendation 38: Mutual legal assistance: freezing and confiscation from Partially Compliant to Largely Compliant 

Saint Lucia is presently rated as Compliant or Largely Compliant with 35 out of the 40 FATF Recommendations. 

Click here to gain access to the FUR.

 

 

 

Suriname’s 2nd Enhanced Follow-Up Report and Technical Compliance Re-rating

Port of Spain, Trinidad and Tobago, October 14, 2024 – Suriname underwent an enhanced follow-up process following the adoption of its Mutual Evaluation Report (MER). The MER assessed the effectiveness of Suriname’s anti-money laundering and counter-terrorist financing (AML/CFT) measures and the country's compliance with the FATF Recommendations.  

In conformity with the CFATF Procedures for the Fourth Round of AML/CFT Mutual Evaluations, Suriname has reported to the CFATF regarding the progress it has made to strengthen its AML/CFT framework. Thus, the 2nd Follow-Up Report (FUR) of Suriname evaluates the country's efforts to address the technical compliance deficiencies identified in the MER. 

According to the FUR, Suriname has made considerable strides in its fight against ML and TF since its 2023 MER. As a result, the jurisdiction has been re-rated on 9 out of the 40 Recommendations:

  • Recommendation 3: Money Laundering Offence
  • Recommendation 5: Terrorist Financing Offence
  • Recommendation 11: Record Keeping
  • Recommendation 19: Higher-risk countries
  • Recommendation 20: Reporting Suspicious Transactions
  • Recommendation 26: Regulation and Supervision of Financial Institutions from Non-Compliant to Largely Compliant
  • Recommendation 27: Powers of Supervisors
  • Recommendation 28: Regulation and Supervision of DNFBPs from Partially Complaint to Largely Compliant
  • Recommendation 30: Responsibilities of law enforcement and investigative authorities
  • Recommendation 32: Cash Couriers 

Suriname is presently rated as Compliant or Largely Compliant with 21 out of the 40 FATF Recommendations. 

Click here to gain access to the FUR.

 

CFATF Risk, Trends and Methods Group - Report Publication 

The CFATF Risk, Trends and Methods Group is pleased to present its 2024 compilation of money laundering cases from the Caribbean region. This publication highlights a range of cases that demonstrate the evolving tactics used by criminals to exploit financial systems. By examining these cases, CFATF aims to enhance the understanding of money laundering trends and strengthen regional cooperation in combating financial crime. This compilation serves as a vital resource for policymakers, law enforcement agencies, and financial institutions committed to safeguarding the Caribbean's financial integrity. Click here to access.

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  2. JAMAICA REMOVED FROM FATF'S GREY LIST
  3. Barbados: 5th Enhanced Follow-Up Report and Technical Compliance Re-Rating
  4. Information for posting of Article ref: BVI's Draft 3 MER
  5. BARBADOS REMOVED FROM FATF’S GREY LIST
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