Cayman Islands’ progress in strengthening measures to tackle money laundering and terrorist financing.

 

Port of Spain, Trinidad and Tobago, February 19, 2021– As a result of the Cayman Islands’ progress in strengthening its framework to tackle money laundering and terrorist financing since their 2019 mutual evaluation, the Caribbean Financial Action Task Force (CFATF) has re-rated the country on 16 of the 40 Recommendations.

Cayman Islands has been in an enhanced follow-up process, following the adoption of their CFATF Mutual Evaluation Report, which assessed the effectiveness of Cayman Islands’ Anti-Money Laundering and Counter-terrorist financing (AML/CFT) measures and the country’s compliance with the FATF Recommendations. In line with the CFATF Procedures for Mutual Evaluations, Cayman Islands has reported back to the CFATF on the progress it has made to strengthen its AML/CFT framework.

This report analyses Cayman Islands’ progress in addressing the technical compliance deficiencies identified in the Mutual Evaluation Report.   

To reflect this progress, the CFATF has re-rated Cayman Islands on the following Recommendations:

1 - Assessing risks and applying a risk-based approach from Partially Compliant to Largely Compliant.

19 - Higher-risk countries from Partially Compliant to Compliant.

22 - DNFBPs: Customer due diligence from Partially Compliant to Compliant.

23 - DNFBPs: Other measures from Partially Compliant to Compliant.

24 - Transparency and beneficial ownership of legal persons from Partially Compliant to Largely Compliant.

25 - Transparency and beneficial ownership of legal arrangements from Partially Compliant to Largely Compliant.

26 - Regulation and supervision of financial institutions from Partially Compliant to Compliant.

28 - Regulation and supervision of DNFBPs from Partially Compliant to Compliant.

29 - Financial intelligence units from Partially Compliant to Largely Compliant.

32 - Cash couriers from Partially Compliant to Compliant.

34 - Guidance and feedback from Partially Compliant to Compliant.

35 – Sanctions from Partially Compliant to Compliant.

The report also looks at whether Cayman Islands’ measures meet the requirements of FATF Recommendations that have changed since their 2019 mutual evaluation, considering any new measures since the mutual evaluation. Accordingly, Recommendations 2, 15, 18 and 21 examined. The CFATF agreed to maintain the rating of Compliant for Recommendation 18, re-rate Recommendation 2 from Partially Compliant to Compliant and re-rate Recommendation 21 from Largely Compliant to Compliant. The rating for Recommendation 15 was downgraded from Largely Compliant to Partially Compliant.

The FUR can be accessed at the following link:

Click here to access the FUR.

Barbados’ progress in strengthening measures to tackle money laundering and terrorist financing

Port of Spain, Trinidad and Tobago, February 10, 2021– As a result of Barbados’ progress in strengthening its framework to tackle money laundering and terrorist financing since their 2018 mutual evaluation, the Caribbean Financial Action Task Force (CFATF) has re-rated the country on 13 of the 40 Recommendations.

Barbados has been in an enhanced follow-up process, following the adoption of their CFATF mutual evaluation report, which assessed the effectiveness of Barbados’ anti-money laundering and counter-terrorist financing (AML/CFT) measures and the country’s compliance with the FATF Recommendations. In line with the CFATF Procedures for mutual evaluations, Barbados has reported back to the CFATF on the progress it has made to strengthen its AML/CFT framework.

This report analyses Barbados’ progress in addressing the technical compliance deficiencies identified in the Mutual Evaluation Report.   

To reflect this progress, the CFATF has re-rated Barbados on the following Recommendations:

1 - Assessing risks and applying a risk-based approach from partially compliant to largely compliant

4 - Confiscation and provisional measures from partially compliant to compliant

7 - Targeted financial sanctions related to proliferation from non-compliant to largely compliant

8 - Non-profit organisations from non-compliant to partially compliant

19 - Higher-risk countries from partially compliant to largely compliant

20 - Reporting of suspicious transactions from partially complaint to compliant

29 - Financial intelligence units from partially compliant to largely compliant

32 - Cash couriers from partially compliant to largely compliant

33 - Statistics from partially compliant to largely compliant

34 - Guidance and feedback from partially compliant to largely compliant

38 - Mutual legal assistance: Freezing and confiscation from partially compliant to largely compliant

The CFATF agreed to maintain the rating of largely compliant for Recommendations 2, 5 and 18 and the partially compliant rating for Recommendations 23 and 24. The rating for Recommendation 15 was downgraded from compliant to partially compliant and Recommendation 21 was downgraded from largely compliant to partially compliant.

The report also looks at whether Barbados’ measures meet the requirements of FATF Recommendations that have changed since their 2018 mutual evaluation, taking into account any new measures since the mutual evaluation.

   Click here to access the FUR

 Fourth Round Mutual Evaluation Report of Saint Lucia

The CFATF Plenary held virtually in December 2020 adopted the Mutual Evaluation Report of Saint Lucia. This evaluation summarises the Anti-Money Laundering (AML) / Counter-Terrorist Financing (CFT) measures in place in Saint Lucia as at the date of the on-site visit September 16th – 27th, 2019. The report analyses the level of compliance with the FATF 40 Recommendations, the level of effectiveness of Saint Lucia’s AML/CFT system and provides recommendations on how the system could be strengthened.

Click here for complete report

CFATF Report of Regional Money Laundering and Terrorist Financing Cases

In November 2020, the CFATF completed a compilation of cases based on regional money laundering and terrorist financing investigations. The report categorises these cases, some of which show money flows across corridors; fraud involving politically exposed persons; and COVID-19 related fraud. Click here to access.

Jamaica’s progress in strengthening measures to tackle money laundering and terrorist financing

Port of Spain, Trinidad and Tobago, January 12th, 2020 – As a result of Jamaica’s progress in strengthening its framework to tackle money laundering and terrorist financing since their 2017 mutual evaluation, the Caribbean Financial Action Task Force (CFATF) has re-rated the country on 19 of the 40 Recommendations.

Jamaica has been in an enhanced follow-up process, following the adoption of the CFATF mutual evaluation, which assessed the effectiveness of Jamaica’s anti-money laundering and counter-terrorist financing (AML/CFT) measures and the country’s compliance with the FATF Recommendations. In line with the CFATF Procedures for mutual evaluations, Jamaica has reported back to the CFATF on the progress it has made to strengthen its AML/CFT framework.

This report analyses Jamaica’s progress in addressing the technical compliance deficiencies identified in the Mutual Evaluation.   

To reflect this progress, the CFATF has re-rated Jamaica on the following Recommendations:

2- National co-operation and co-ordination from partially compliant to largely compliant

6 - Targeted financial sanctions related to terrorism and terrorist financing from non-compliant to largely compliant

8 - Non-profit organisations from non-compliant to partially compliant

10 - Customer due diligence from partially compliant to largely compliant

11- Record Keeping from partially compliant to largely compliant

12- Politically Exposed Persons from partially compliant to compliant

14- Money Value Transfer Services from partially compliant to largely compliant

15- New Technologies from compliant to partially compliant

17 – Reliance on third parties from partially compliant to  largely compliant

18- Internal Controls and foreign branches and subsidiaries from partially compliant to largely compliant

19 - Higher-risk countries from partially compliant to largely compliant

21 - Tipping-off and confidentiality from partially compliant to compliant

33- Statistics from partially compliant to compliant

The CFATF agreed to maintain the largely compliant for Recommendation 5 and the partially compliant  rating for Recommendations 1, 7, 22, 23 and 24.

The report also looks at whether Jamaica’s measures meet the requirements of FATF Recommendations that have changed since its 2017 mutual evaluation, taking into account any new measures since the mutual evaluation.

Click here to access The FUR