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 4^th 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 2^nd 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 2^nd 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.

CFATF 58th Plenary and Working Group Meetings Outcomes

In the front table, from left to right: Mr. Andrew Frection, 11^th EDF Project Manager (CFATF Secretariat); Ms Dawne Spicer, Executive Director (CFATF Secretariat); Mr. Angelo Brete, Director FIU Aruba, CFATF Chair; Mr. Wedell Lucas, Deputy Executive Director (Incoming) (CFATF Secretariat); Mr. Héctor Sevilla, Deputy Executive Director (CFATF Secretariat) and Mr. Loxly Ricketts, Deputy Executive Director (Outgoing) (CFATF Secretariat).

Hyatt Regency Trinidad, June 2^nd to 7^th, 2024  – The CFATF 58^th Plenary and Working Group Meetings took place from June 2^nd to 7^th, 2024,  under the Chairmanship Mr. Angelo Brete, Director FIU Aruba.  

The main issues addressed by the Plenary were:

1. Mutual Evaluation Reports – June 3^rd and 4^th, 2024: The CFATF 58^th Plenary discussed the MERs of Anguilla and Guyana. These reports were prepared based on the FATF 4^thRound Methodology. They set out the level of effectiveness of the country’s AML/CFT system and their level of technical compliance with the FATF Recommendations. The Plenary approved these MERs following discussions at the CFATF Working Group on FATF Issues (WGFI) meeting and Plenary. The Post-Plenary Quality and Consistency process was completed for both MERs with no comments from the Global Network; hence, the reports were subsequently published on the CFATF website in July 2024.
2. CFATF Heads of FIU Forum (HoFIU) – June 2^nd, 2024: The 40^th CFATF HoFIU Forum took place on under the theme “Activating potential: Maximising the impact of FIUs”. The HoFIU was informed about updates by the Egmont Group’s Regional Representative for the Americas and the status of CFATF Member countries’ applications for membership into the Egmont Group. Additionally, the HoFIU Forum reviewed the latest six-month update on their members’ activities and the outcome of the training provided by the Cooperation Program between Latin America, the Caribbean, and the European Union on Drug Policy, also known as COPOLAD. The Financial Intelligence Unit of the St. Vincent and the Grenadines presented on “Quality over Quantity”, which focused on a case study where STR analysis led to dissemination of an intelligence report to LEAs and successful outcomes. The CFATF Secretariat also delivered a presentation on the “Overview of the achievements and challenges of FIUs in the 4^th Round MEVAL: Preparing FIUs for the 5^th Round MEVAL”.
3. CFATF Risk Trends and Methods Group (CRTMG) – June 2^nd, 2024: The CRTMG addressed the outcomes of the FATF RTMG meeting in February 2024. Updates were also given on the CRTMG project on “Money Laundering Vulnerabilities in the Financial Arrangements of Non-Traditional DNFBPs.” In addition, Belize proposed the creation of a Multilateral Memorandum of Understanding (MMOU) among the Membership to put into effect certain parts of Recommendation 6.2, which will be further discussed at the December 2024 Plenary. The 2024 ML/TF Cases update was also presented.