What's Happening

CFATF delivers presentation on 'de-risking' at the Inaugural AML/CFT Empirical Research Conference in The Bahamas

The CFATF participated in the Inaugural AML/CFT Empirical Research Conference organized by the Central Bank of The Bahamas (CBOB) and the Association of Supervisors of Banks of the Americas (ASBA), with the support of the Caribbean Development Bank (CDB) and the IDB Lab. The Conference was held from January 20-24, 2020 at the British Colonial Hilton in Nassau, Bahamas. The primary objective of Conference was to build a network of experts and encourage empirically based AML/CFT research to address challenges in the Caribbean and in the global network.

Representing the CFATF was Research Officer, Risha Pragg-Jaggernauth, who presented on “’De-risking’ – A CFATF Perspective." The presentation focused on the pioneering work on the ‘de-risking’ phenomenon in the Caribbean region, which was undertaken by the CFATF as part of the Chairman’s Work Programme 2018/2019. The data was collected and analysed from the financial institutions and Central Banks within CFATF Member jurisdictions.

Read the full paper here:  De risking in the Caribbean region A CFATF Perspective


St. Kitts and Nevis passes Virtual Assets Bill

On January 23rd, 2020, St Kitts and Nevis passed a Virtual Assets Bill, which requires an application process for the registration of virtual asset businesses.  St. Kitts and Nevis authorities also noted that, in order to ensure that criminals and their associates do not gain control of such entities, the Bill requires relevant information  to be provided at the application stage, for due diligence to be conducted on the directors and shareholders of each Virtual Asset Service Provider (VASP) to determine whether they can be considered as fit and proper persons to operate such a business within the country. .

The Honourable Prime Minister and Minister of Finance Dr Timothy Harris stated that the passage of the Virtual Assets Bill will allow St. Kitts and Nevis to play a more responsible role in the global marketplace. Furthermore, the Prime Minister stated that the Bill allows the jurisdiction to stay up to date with the innovations within the financial industry while securing a safer and brighter future for the citizens. Commenting on the use of Fintech he said “whether it was Blockchain, Bitcoin or Crypto assets or virtual assets, the commonality is the use of financial technology to swiftly transfer value around the world and expedite the advent of what the governor of our central bank has been describing as the cashless society.”

The Honourable Prime Minister and Minister of Finance went on to say that “the global community has been inundated with the effects of financial innovation which have compelled some countries to make changes to their financial landscape. Such innovation has resulted in the introduction of new technologies, services and products as alternative means of conducting business within the financial services sector. These innovations and the resultant changes in the financial landscape transcend national and regional borders and have assumed significance and prominence of a global magnitude.”

St. Kitts and Nevis authorities believe the Bill will also facilitate the ease of doing business in a cashless society and ensure that a legislative framework is established to facilitate engagement in the evolving virtual asset industry.



The Supervision Project - First targeted AML/CFT Supervision Training delivered to The Cayman Islands

The Supervision Project – Strengthening Supervisory System seeks to improve the level of Technical Compliance and Effectiveness of CFATF Member countries as it relates specifically to strengthening Anti-Money Laundering/Counter Financing of Terrorism (AML/CFT) supervisory frameworks. The Cayman Islands was the first Member of the CFATF to receive this type of training, which was delivered during the period January 8-10, 2020 by Ms. Glenda Leben, Supervision Advisor at the CFATF. 

To read more, click on the following link:  Supervision Project - 1st Training delivered to Cayman Islands



Central Bank of The Bahamas launches Project Sand Dollar

The Central Bank of The Bahamas will introduce a digital version of the Bahamian dollar through an initiative titled ‘Project Sand Dollar’. The sand dollar is also the name given to the proposed central bank digital currency (CBDC), which is part of the Bahamian Payments System Modernization Initiative (PSMI). The main objective of the Project is improving financial inclusion and access to all citizens of The Bahamas.

Full details on Project Sand Dollar can be found here.


For further information please contact:

Risha Pragg-Jaggernauth

Tel: 1 868 623-9667 ext. 2206 Email: risha.pragg-jaggernauth@cfatf.org

 Brionne Antoine

Tel: 1 868 623-9667 ext. 2205 Email: Brionne.Antoine@cfatf.org


Crime agencies host workshop on combatting terrorism financing in Turks and Caicos Islands 

A one-day workshop on combatting terrorism financing was held at the Financial Services Commissions’ office in Grand Turk on November 6, 2019. The participants were public sector workers from the Attorney Generals Chambers, the Financial Services Commission and the Customs Department.

The workshop was hosted by the Office of the Director of Public Prosecution, the Financial Crimes Unit, the Customs Department and the Financial Intelligence Agency.  Deputy Director of Public Prosecution Angela Brooks, Detective Inspector Paulin Nemours, Senior Customs Intelligence and Investigations Officer Gregston Been and Supervisory Intelligence Officer Haiden Spring of the FIA facilitated the workshop. 

The workshop focused on basic investigation techniques, the powers of law enforcement in the prevention of terrorist financing, partnerships in the fight against terrorist financing and methods of detection to prevent terrorist financing. Through a Government press release, the country stated that it is continually enhancing its measures to fight money laundering and financing of terrorism. The country also recognizes the significance of sharing this information with the relevant authorities to meet the obligations of the FATF.

The full article on the workshop can be read here

For further information please contact:

Risha Pragg-Jaggernauth

Tel: 1 868 623 9667 ext. 2206 Email: risha.pragg-jaggernauth@cfatf.org

Brionne Antoine

Tel: 1 868 623 9667 ext. 2205 Email: Brionne.Antoine@cfatf.org