3 rd Caribbean Conference on the International Financial Services Sector Overview of Global Regulatory Developments Calvin Wilson Executive Director
|
|
- Abraham McDowell
- 5 years ago
- Views:
Transcription
1 Financial Services Sector Overview of Global Regulatory Calvin Wilson Executive Director Caribbean Financial Action Task Force.
2 CARIBBEAN FINANCIAL ACTION TASK FORCE A GROWING SUCCESS STORY The CFATF has a membership consisting of twenty seven (27) countries Established in 1992, and is the first of eight FATF Style Regional Bodies in keeping with the desire of the Financial Action Task Force (FATF) to spread the AML/CFT message to all corners of the globe. ASSISTED WITH THE ESTABLISHMENT OF ESAAMLG AND GAFISUD ASSOCIATE MEMBER OF THE FATF
3 Financial Services Sector Overview of Global Regulatory THE MUTUAL EVALUATION PROGRAMME The Mutual Evaluation Programme is the core work of the CFATF, in terms of monitoring and encouraging the highest levels of compliance with the FATF Recommendations. Through this monitoring mechanism the wider membership is kept informed as to what is happening on the ground in each Members Country. For the individual member the Mutual Evaluation Programme presents a valuable opportunity for an objective assessment by a team of AML/CFT Experts of the national AML/CFT architecture as it exists at the time of the visit. The Third Round has been brought to a close with a less than satisfactory forty (40) percent average level of compliance In some jurisdictions, Centres of Excellence, the Culture of Compliance is Strong and the levels of compliance are high and can be emulated by others.
4
5
6 CFATF International Cooperation Review Group ICRG) In order to expedite the pace of reform in all CFATF Members, the CFATF in May 2010 established the CFATF International Cooperation Review Group ICRG) which mirrors the FATF ICRG process, in reviewing and publicly identifying those CFATF members that are dilatory or non-responsive in implementing the terms of an Agreed Action Plan. Eleven out of twenty seven Members had met the FATF ICRG criteria for review to be reviewed at a later stage ST. LUCIA, ST. KITTS AND NEVIS, TURKS AND CAICOS ISLANDS STERLING EXAMPLES OF MAKING GOOD PROGRESS WITH REFORM EFFORTS CFATF PUBLIC STATEMENTS IN MAY 2013 BELIZE, DOMINICA, GUYANA NOVEMBER 2013 COUNTRIES IN THE REGION AND AROUND THE WORLD ARE ASKED TO CONSIDER IMPLEMENTING COUNTER MEASURES BASED ON THE IDENTIFIED AML/CFT DEFICIENCIES IN THE NATIONAL SYSTEMS BELIZE AND GUYANA
7 CFATF International Cooperation Review Group ICRG) (cont d) FATF President Giancarlo Del Bufalo November 2011,CFATF MINISTERIAL MEETING, ISLA MARGARITA, VENEZUELA I HAVE TAKEN NOTE WITH GREAT INTEREST OF THE CFATF PROCESS WHICH I SINCERELY SUPPORT. I FEEL THAT ADDRESSING RISKS IS IN THE INTERESTS OF BOTH FATF AND CFATF COUNTRIES AND WE NEED YOUR REGIONAL EXPERTISE TO IDENTIFY AND ADDRESS SUCH RISKS. I ALSO SUPPORT THE CFATF ICRG MANDATE TO ASSIST COUNTRIES TO ENSURE THAT THEY ADDRESS THEIR SHORTCOMINGS BEFORE THE FATF REGIONAL REVIEW GROUP REVIEWS THE SITUATION
8 CFATF International Cooperation Review Group ICRG) (cont d) THERE ARE NO CFATF MEMBER COUNTRIES IN THE FATF COMPLIANCE DOCUMENT OR THE PUBLIC STATEMENT
9 MOVING TO THE FOURTH ROUND OF ASSESSMENTS COMMENCING JANUARY 2015 The Revised FATF Recommendations 2012 NATIONAL RISK ASSESSMENT Countries are required to identify the money laundering and terrorist financing risks Designate an authority or mechanism to co-ordinate actions to assess risks Keep the Risk Assessment up to date Mechanism to provide information on the results of the risk assessment to all relevant competent authorities, self regulatory bodies (SRBs), Financial institutions and DNFBPs Apply the Risk Based Approach to allocating resources and implementing measures to mitigate ML/TF risks
10 THE AML/CFT METHODOLOGY Main Changes in the new Methodology Two Components- Technical Compliance and Effectiveness Different Requirements Scoping Exercise ahead of the Mutual Evaluation Mission Importance of the National Risk Assessment Ratings
11 Main Changes in the new Methodology Technical Compliance Assessment 1. The specific requirements of each of the FATF and Recommendations/Interpretative Notes 2. The relevant legal and institutional framework of the country 3. The powers and procedures of competent authorities These are the fundamental building blocks of an AML/CFT system RATINGS- Compliant, Largely Compliant, Partially Compliant, Non- Compliant and Not Applicable ( in exceptional cases due to the particular structural, legal or institutional features of a country)
12 Main Changes in the new Methodology Effectiveness Assessment Adequacy of implementation of the FATF Recommendations. Identifies the extent to which a country achieves a defined set of outcomes ELEVEN IMMEDIATE OUTCOMES which are central to a robust AML/CFT system. The focus is on the extent to which the legal and institutional framework is producing the expected results. RATINGS- High Level of Effectiveness, Substantial Level of Effectiveness, moderate Level of Effectiveness and Low Level of Effectiveness
13 SCOPING EXERCISE Assessors/Assessed Country to undertake a scoping exercise prior to the Mutual Evaluation Mission to consider the nature of the risks in the country, identify the higher risks issues which should be examined in more detail during the on site visit and reflected in the final Mutual Evaluation Report. Areas of lower/low risks need not be examined in great detail as those of a high risk
14 Technical Compliance Assessment & Effectiveness Compliance Integrated Analysis The level of the country s compliance with the FATF Recommendations The country s success in sustaining a strong AML/FT system This is the approach to be used by Examiners on Mutual Evaluation Missions Countries for Self Assessment Exercises Fifth Year Re Assessment On site Visits
15
16 VISION 2022 PLATFORM The CFATF Secretariat has begun the collaborative process with its partners within the global AML/CFT network to construct the Vision 2022 Platform and to chart the course for the successful achievement by all CFATF Members of at least seventy five (75) % percent compliance with the Financial Action Task Force (FATF) Recommendations. The CFATF Vision 2022 platform will maintain an easily accessible central database of the FATF Recommendations and Interpretative Notes, the AML/CFT Methodology, legislation, regulations, guidance notes and all documentation relevant to the assessment process, including the comments and amendments by each Expert on each Mutual Evaluation Report.
17 VISION 2022 PLATFORM The platform will allow CFATF Members and other countries in the global AML/CFT community, to begin the preparatory stages for the on-site visits way in advance of the arrival of the Teams of Assessors and will expedite the consultative mechanism between those CFATF Members being assessed, the Assessment Teams and the CFATF Secretariat. It will also give early but different levels of access for review and guidance of these efforts, to AML/CFT Experts from the CFATF membership, the FATF Secretariat and FATF Members, Secretariats and Members of other FATF Style Regional Bodies, as well as Experts from EGMONT, International Monetary Fund, World Bank and relevant agencies of the United Nations such as the Counter Terrorism Executive Directorate.
18 VISION 2022 PLATFORM The Vision 2022 platform will allow Experts from the global AML/CFT community to work simultaneously in one document so as to draft, finalize and present high quality Mutual Evaluation Reports for discussion in Plenary. The potential savings in terms of human and financial resources as well as enhanced productivity and effectiveness will be enormous. The Plenary discussions of Mutual Evaluation Reports will be shorter and will be focused on the strengths and weaknesses of the overall AML/CFT architecture. The CFATF Secretariat as well as the Secretariats of all AML/CFT Assessment Bodies operating globally will be able to effectively monitor, review and control the participation of all the Experts involved along each step of the process and thereby ensure that schedules and deadlines are observed. The Vision 2022 platform will also benefit CFATF s general operations because the technology will also be applicable to all aspects of the CFATF s operations and has the potential to significantly increase organizational efficiency and reduce operational costs.
19 In some jurisdictions lack of political will or the configuration of the Parliament retards the passage of key AML/CFT legislation in a timely fashion DANGER- Public Statement high risk jurisdiction/countermeasures High Level Missions to meet with the Political Directorate at the highest levels both in the Government and the Opposition, and Parliament to underscore the need for expeditious enactment of necessary legislation and the allocation of resources as required. Honduras, Suriname Sterling Examples where this worked
20 CENTRES OF EXCELLENCE Culture of Compliance is strong, the levels of compliance with the FATF Recommendations are high and can be emulated by other CFATF members. Cayman Islands, Virgin Islands, Guatemala, Anguilla Share expertise with supervisory regime for DNFBPs The Bahamas Barbados, Jamaica and Guatemala Framework for implementation of Terrorist Financing Regimes former SR III now in RECs 4-7 Antigua and Barbuda Trinidad and Tobago, Guatemala, Venezuela
21 REGIONAL TECHNICAL ASSISTANCE AND TRAINING NEEDS The Fourth Round requires a full understanding of the FATF Recommendations by all CFATF stakeholders. Ongoing and ambitious training programme for the Secretariat staff, the public and private sectors and Examiners. Our collective goal must be to attain at least seventy five (75) percent compliance. Robust global review process from the earliest stage. CFATF VISION Information Technology Tool For Mutual Evaluations Unveiling next week at the CFATF Plenary Meeting- Funding
22 REGIONAL TECHNICAL ASSISTANCE AND TRAINING NEEDS Partnership with the FATF Secretariat, the COSUNs, IMF, World Bank and Inter American Development Bank all our other regional and international friends and allies in a concerted programme of activities over the next year. The engagement of Consultants to provide Legislative Drafting support. Experts/Funding Standards Training on the FATF Recommendations- Experts/Funding
23 REGIONAL TECHNICAL ASSISTANCE AND TRAINING NEEDS Pre Assessment Training Workshops on the revised FATF Recommendations, the revised assessment tool the AML/CFT Methodology and the revised Mutual Evaluation Process and Procedures.- Experts/Funding Regional and National Training Workshops for AML/CFT stakeholders on the conducting of National Risk Assessments Experts/Funding Regional Training Seminars for Mutual Evaluation Examiners Experts/Funding
24 REGIONAL TECHNICAL ASSISTANCE AND TRAINING NEEDS Workshops on UNSCR 1373 and FATF Recs 6 and 7-Experts and Funding Burden Sharing arrangements for Mutual Evaluation Missions Costs/Expertise-IMF/WB- Assessors Financial Investigators, Analysts and Supervisors at FIUs- Funding Compliance Conferences for the private sector- Speakers
25 At this meeting, I am able to state without a doubt that CFATF should now be perceived as one of the best in its class This was the accolade bestowed upon the CFATF by FATF President Vladimir Nechaev at the Opening Ceremony of the CFATF Thirty Eight Plenary Meeting which was held in Freeport, The Bahamas on Wednesday 20th November 2013 CARIBBEAN FINANCIAL ACTION TASK FORCE A GROWING SUCCESS STORY MAINTAINING THE CFATF BRAND
Commonwealth Regulatory Workshop Caribbean Countries and Global Financial Regulation A Practitioner s Forum Port of Spain, Trinidad and Tobago Friday
Commonwealth Regulatory Workshop Caribbean Countries and Global Financial Regulation A Practitioner s Forum Port of Spain, Trinidad and Tobago Friday 26 th August 2011 1 Transparency and Exchange of Information
More informationObjectives for FATF XXV ( ) Paper by the incoming President
Objectives for FATF XXV (2013-2014) Paper by the incoming President Main tasks for the FATF in 2013-2014, in line with the Ministerial Mandate of 20 April 2012: I. INTRODUCTION Promoting and facilitating
More informationQuarterly Public Sector Debt Statistics in the Caribbean
Quarterly Public Sector Debt Statistics in the Caribbean Reproductions of this material or any parts of it should refer to the IMF Statistics Department as the source Background Important lessons for public
More informationDiana Firth Novelo Deputy Executive Director
OAS-CICAD JUDGES AND PROSECUTORS TRAINING Implementation of FATF s 40 Recommendations in the Region and challenges for the upcoming round of mutual evaluations Diana Firth Novelo Deputy Executive Director
More informationImproving Global AML/CFT Compliance: on-going process - 16 February 2012
Improving Global AML/CFT Compliance: on-going process - 16 February 2012 Paris, 16 February 2012 - As part of its on-going review of compliance with the AML/CFT standards, the FATF has to date identified
More informationPamella McLaren, President CARADEM
Pamella McLaren, President CARADEM Order Of Presentation Why an association? Who we are? Regional Challenges Proposed Steps and Accomplishments Why an Association? Debt problems of small states differ
More informationUnderstanding the Caribbean Financial Action Task Force Mutual Evaluation Process Jamaica is slated to undergo its
Understanding the Caribbean Financial Action Task Force Mutual Evaluation Process Jamaica is slated to undergo its next Mutual Evaluation (MEV) during the period June 1-15, 2015. As such, the Financial
More informationCARIBBEAN FINANCIAL ACTION TASK FORCE
CARIBBEAN FINANCIAL ACTION TASK FORCE Procedures for the Fourth Round of AML/CFT Mutual Evaluations May 29, 2014 (amended). This document reflects amendments to the CFATF Mutual Evaluation Procedures on
More informationFinancial Stability Institute. The implementation of the new capital adequacy framework in the Caribbean
Financial Stability Institute The implementation of the new capital adequacy framework in the Caribbean Summary of responses to the Basel II Implementation Assistance Questionnaire July 2004 The implementation
More informationOBJECTIVES FOR FATF XXVII ( )
OBJECTIVES FOR FATF XXVII (2015-2016) PAPER BY THE INCOMING PRESIDENT List of priorities 1. Enhancing FATF and FSRB s efforts in countering terrorist financing 2. Addressing the challenges faced by the
More informationTHE CARIBBEAN SUBRCGTON
Ia r i b b e a n Ie v e l o p m e n t AND IO-OPERATION lommittee THE CARIBBEAN SUBRCGTON CT7 o o Antigua and Barbuda Aruba Bahamas % Barbados Belize Br. Virgin Islands Cuba Dominica t>> Dominican Republic
More informationCDB - A catalyst for development resources in the Caribbean
CDB - A catalyst for development resources in the Caribbean High-Level Roundtable on International Cooperation for Sustainable Development in Caribbean Small Island Developing States Bridgetown, Barbados
More informationHigh-risk and non-cooperative jurisdictions
High-risk and non-cooperative jurisdictions FATF PUBLIC STATEMENT - 19 October 2012 Paris, 19 October 2012 - The Financial Action Task Force (FATF) is the global standard setting body for antimoney laundering
More informationImproving Global AML/CFT Compliance: Ongoing Process - 19 October 2018
別紙 2-1 Improving Global AML/CFT Compliance: Ongoing Process - 19 October 2018 Paris, France, 19 October 2018 - As part of its ongoing review of compliance with the AML/CFT standards, the FATF identifies
More informationCapital Regimes What s appropriate for the Caribbean. Marcia Tam-Marks, FSA Caribbean Actuarial Association December 2-4, 2015 Trinidad and Tobago
Capital Regimes What s appropriate for the Caribbean Marcia Tam-Marks, FSA Caribbean Actuarial Association December 2-4, 2015 Trinidad and Tobago Outline IAIS ICP 17 Current capital regimes Valuation Methods
More informationPreparing for the 4 th Round of Mutual Evaluations ANGUILLA, FRIDAY 8 TH OF MAY 2015
Preparing for the 4 th Round of Mutual Evaluations ANA FOLGAR L EGAL ADVISOR CFATF ANGUILLA, FRIDAY 8 TH OF MAY 2015 Content The FATF Mandate Role of the CFATF in relation to FATF Involvement of CFATF
More informationFifth Follow-Up Report
CARIBBEAN FINANCIAL ACTION TASK FORCE Fifth Follow-Up Report Turks & Caicos Islands November 7, 2011 2011 CFATF. All rights reserved. No reproduction or translation of this publication may be made without
More informationCARIBBEAN DEVELOPMENT BANK TOTAL PUBLIC DEBT BORROWING MEMBER COUNTRIES VOLUME XIII
CARIBBEAN DEVELOPMENT BANK TOTAL PUBLIC DEBT 1999-2004 BORROWING MEMBER COUNTRIES VOLUME XIII The Bank does not accept responsibility for the accuracy or completeness of this publication. Economics Department
More informationMonitoring Private Sector External Debt in the Caribbean: An updated and revised analysis
Monitoring Private Sector External Debt in the Caribbean: An updated and revised analysis Joseph Jason Cotton Vishana Jagessar Conference on the Economy 2018 University of the West Indies, St. Augustine
More informationTurks & Caicos Islands
CARIBBEAN FINANCIAL ACTION TASK FORCE Fourth Follow-Up Report Turks & April 18, 2011 2011 CFATF. All rights reserved. No reproduction or translation of this publication may be made without prior written
More informationPROCEDURES FOR THE FATF FOURTH ROUND OF AML/CFT MUTUAL EVALUATIONS
PROCEDURES FOR THE FATF FOURTH ROUND OF AML/CFT MUTUAL EVALUATIONS October 2013 FINANCIAL ACTION TASK FORCE The Financial Action Task Force (FATF) is an independent inter-governmental body that develops
More informationDebt Burden and Fiscal Sustainability in the Caribbean Region (Updated notes)
Debt Burden and Fiscal Sustainability in the Caribbean Region (Updated notes) Meeting of Experts on Debt Burden in the Caribbean Region Port of Spain, Trinidad and Tobago 24 February 2014 Intra-Regional
More informationHigh-risk and non-cooperative jurisdictions
High-risk and non-cooperative jurisdictions Improving Global AML/CFT Compliance: on-going process - 22 June 2012 Rome, 22 June 2012 - As part of its on-going review of compliance with the AML/CFT standards,
More informationProgram Budget
Special Advisory Commission on Management Issues (SACMI) 2020-2021 Program Budget IICA/CCEAG/DT-02 (19) San Jose, Costa Rica 8 May 2019 Draft Program Budget 2020-2021 Inter-American Institute for Cooperation
More informationRecent Developments at the Inter-American Development Bank. J. James Spinner General Counsel Inter-American Development Bank
Recent Developments at the Inter-American Development Bank J. James Spinner General Counsel Inter-American Development Bank 2002 Seminar on Current Developments in Monetary and Financial Law International
More informationAPG ANNUAL BUSINESS PLAN
APG ANNUAL BUSINESS PLAN 2018 2019 Asia/Pacific Group on Money Laundering Approved and adopted, 24 July 2018 APG Annual Business Plan 2018 2019 Applications for permission to reproduce all or part of this
More informationHigh-Level Principles and Objectives for FATF and FATF-style regional bodies
High-Level Principles and Objectives for FATF and FATF-style regional bodies Updated February 2018 FINANCIAL ACTION TASK FORCE The Financial Action Task Force (FATF) is an independent inter-governmental
More informationCARIBBEAN FINANCIAL ACTION TASK FORCE
CARIBBEAN FINANCIAL ACTION TASK FORCE CFATF FLOWCHARTS: MEVAL, FATF ICRG AND FOLLOW-UP PROCESSES The purpose of this document is to graphically show the Mutual Evaluation (MEVAL), FATF ICRG and Follow-Up
More informationHigh-risk and non-cooperative jurisdictions
High-risk and non-cooperative jurisdictions IMPROVING GLOBAL AML/CFT COMPLIANCE: ON-GOING PROCESS - 21 June 2013 Oslo, Norway, 21 June 2013 - As part of its on-going review of compliance with the AML/CFT
More informationHigh-risk and non-cooperative jurisdictions
High-risk and non-cooperative jurisdictions IMPROVING GLOBAL AML/CFT COMPLIANCE: ON-GOING PROCESS - 14 February 2014 Paris, 14 February 2014 - As part of its on-going review of compliance with the AML/CFT
More informationTRINIDAD & TOBAGO S 4TH ROUND MUTUAL EVALUATION- FIU TT S PERSPECTIVE
Secretariat for Multidimensional Security XLIII GROUP OF EXPERTS FOR THE CONTROL OF MONEY LAUNDERING SEPTEMBER 28-29, 2016 Punta Cana, Dominican Republic OEA/Ser.L/XIV. 4.43 DDOT/LAVEX/doc.17/16 29 septiembre
More informationFSF reviews its Offshore Financial Centres (OFCs) initiative 1
FINANCIAL STABILITY FORUM Press release Press enquiries: Basel +41 61 280 8188 Press.service@bis.org Ref no :7/2004E 5 April 2004 FSF reviews its Offshore Financial Centres (OFCs) initiative 1 The Financial
More informationTerms of Reference Technical Expert for CCRIF SPC Central America SP
Terms of Reference Technical Expert for CCRIF SPC Central America SP 1. Background In 2007, the Caribbean Catastrophe Risk Insurance Facility was formed as the first multi-country risk pool in the world,
More informationINSTRUCTION (NUMBER 02/2017) FOR FINANCIAL SERVICES BUSINESSES BUSINESS FROM SENSITIVE SOURCES
INSTRUCTION (NUMBER 02/2017) FOR FINANCIAL SERVICES BUSINESSES 10 April 2017 BUSINESS FROM SENSITIVE SOURCES This Instruction is made under section 49(7) of the Criminal Justice (Proceeds of Crime) (Bailiwick
More informationHigh-risk and non-cooperative jurisdictions
High-risk and non-cooperative jurisdictions IMPROVING GLOBAL AML/CFT COMPLIANCE: ON-GOING PROCESS - 18 October 2013 Paris, 18 October 2013 - As part of its on-going review of compliance with the AML/CFT
More informationCARIBBEAN DEVELOPMENT BANK
SDF 8/1 PM-4 CARIBBEAN DEVELOPMENT BANK PREPARATORY MEETING OF CONTRIBUTORS ON A REPLENISHMENT OF RESOURCES OF THE UNIFIED SPECIAL DEVELOPMENT FUND FOR THE EIGHTH CONTRIBUTION CYCLE TO BE HELD IN BARBADOS
More informationImproving Global AML/CFT Compliance: On-going Process - 3 November 2017
Improving Global AML/CFT Compliance: On-going Process - 3 November 2017 Buenos Aires, Argentina, 3 November 2017 - As part of its on-going review of compliance with the AML/CFT standards, the FATF identifies
More informationHigh-risk and non-cooperative jurisdictions
High-risk and non-cooperative jurisdictions IMPROVING GLOBAL AML/CFT COMPLIANCE: ON-GOING PROCESS - 24 October 2014 Paris, 24 October 2014 As part of its on-going review of compliance with the AML/CFT
More informationCARIBBEAN AND CENTRAL AMERICAN PARTNERSHIP FOR CATASTROPHE RISK INSURANCE POOLING RISK TO SAFEGUARD AGAINST CATASTROPHES GENERATED BY NATURAL EVENTS
CARIBBEAN AND CENTRAL AMERICAN PARTNERSHIP FOR CATASTROPHE RISK INSURANCE POOLING RISK TO SAFEGUARD AGAINST CATASTROPHES GENERATED BY NATURAL EVENTS May 2014 NINE COUNTRIES IN THE CARIBBEAN AND CENTRAL
More informationHigh-risk and non-cooperative jurisdictions
High-risk and non-cooperative jurisdictions FATF PUBLIC STATEMENT - 22 February 2013 Paris, 22 February 2013 - The Financial Action Task Force (FATF) is the global standard setting body for anti-money
More informationImproving Global AML/CFT Compliance: on-going process 24 June 2016
Improving Global AML/CFT Compliance: on-going process 24 June 2016 Busan, Korea, 24 June 2016 - As part of its on-going review of compliance with the AML/CFT standards, the FATF identifies the following
More informationAPG ANNUAL BUSINESS PLAN
APG ANNUAL BUSINESS PLAN 2017-2018 Asia/Pacific Group on Money Laundering Approved and adopted, 17 July 2017 Page 1 APG Annual Business Plan 2017-2018 Applications for permission to reproduce all or part
More informationCentral Bank of The Bahamas PUBLIC CONSULTATION
Central Bank of The Bahamas PUBLIC CONSULTATION Proposed Revisions to the Guidelines on the Prevention of Money Laundering & Countering the Financing of Terrorism I. INTRODUCTION 1. The Central Bank of
More informationConference of the States Parties to the United Nations Convention against Corruption
United Nations Conference of the States Parties to the United Nations Convention against Corruption Distr.: General 23 September 2009 Original: English Third session Doha, 9-13 November 2009 Note verbale
More informationNANP FUND BUDGET AND CONTRIBUTION FACTOR FOR JULY 2007 TO JUNE 2008
NANP FUND BUDGET AND CONTRIBUTION FACTOR FOR JULY 2007 TO JUNE 2008 To: Billing & Collection Working Group The budget has been prepared to determine the funding requirements and the contribution factor
More informationAML/CFT TRAINING FOR ACCOUNTANTS AND AUDITORS
AML/CFT TRAINING FOR ACCOUNTANTS AND AUDITORS 1 16 MARCH 2016 BANK USE PROMOTION & SUPPRESSION OF MONEY LAUNDERING UNIT 2 3 What is Money Laundering? the process of concealing illicit gains from criminal
More informationStatus of regional activities and risks
6th Meeting ofthe ICP IACG September 24-28, 2018 World Bank, Washington DC Status of regional activities and risks Maria Paz Collinao, Bruno Lana and Giovanni Savio Unidad de Estadísticas Económicas y
More informationHigh-risk and non-cooperative jurisdictions
High-risk and non-cooperative jurisdictions IMPROVING GLOBAL AML/CFT COMPLIANCE: ON-GOING PROCESS - 22 February 2013 Paris, 22 February 2013 - As part of its on-going review of compliance with the AML/CFT
More informationCountry Risk Updates. GFSC Newsletter No.3/2017.
Country Risk Updates GFSC www.gfsc.gi 27 November 2017 This newsletter constitutes advice issued by the (GFSC) about risks posed by unsatisfactory money laundering controls in a number of jurisdictions.
More informationEXTERNAL PUBLIC DEBT OF CARICOM MEMBER STATES
EXTERNAL PUBLIC DEBT OF CARICOM MEMBER STATES 1990-2000 PREPARED AND COMPILED BY: STATISTICS SUB-PROGRAMME INFORMATION AND COMMUNICATION PROGRAMME CARIBBEAN COMMUNITY (CARICOM) SECRETARIAT GEORGETOWN,
More informationINTERNATIONAL MONETARY FUND AND WORLD BANK
INTERNATIONAL MONETARY FUND AND WORLD BANK Anti-Money Laundering and Combating the Financing of Terrorism: Observations from the Work Program and Implications Going Forward Prepared by: IMF: Monetary and
More informationRemarks. Dr. William Warren Smith President Caribbean Development Bank Annual News Conference
AS PREPARED FOR DELIVERY Remarks Dr. William Warren Smith President Caribbean Development Bank 2019 Annual News Conference February 7, 2019 CDB Conference Centre, St. Michael, Barbados Good morning all
More informationToday s Presentation. Background. Objectives
Today s Presentation GLOBAL LABOUR MARKET INEQULITIES AND POPULATION HEALTH: An analysis of American countries Carles Muntaner DLSPH, University of Toronto Edwin Ng Centre for Research in Inner City Health,
More informationSUPERVISION PROFILE EASTERN CARIBBEAN CENTRAL BANK (ECCB)
SUPERVISION PROFILE EASTERN CARIBBEAN CENTRAL BANK (ECCB) 1. (a) SUPERVISORY AGENCY Eastern Caribbean Central Bank (ECCB) (b) CATEGORIES OF FINANCIAL INSTITUTIONS FOR WHICH IT HAS REGULATORY OVERSIGHT
More informationInternational Monetary Fund s Financial Sector Stability Assessment. Force Report
International Monetary Fund s Financial Sector Stability Assessment and Caribbean Financial Task Force Report Cherno Jallow,QC Director, Policy, Research and Statistics Meet The Regulator 16 March 2011
More informationAML/CFT IMPLEMENTATION IN THE ESAAMLG REGION
AML/CFT IMPLEMENTATION IN THE ESAAMLG REGION P R E S E N T A T I O N A T A C G C C R O U N D T A B L E O N I M P R O V I N G T H E R E G U L A T I O N O F S O M A L I R E M I T T A N C E S H I L T O N
More informationTURKS & CAICOS ISLANDS FINANCIAL INTELLIGENCE UNIT ANNUAL REPORT
TURKS & CAICOS ISLANDS FINANCIAL INTELLIGENCE UNIT ANNUAL REPORT 2012 Page 2 of 16 Contents Introduction... 3 Report of the Officer in Charge (TCI FIU)... 4 STATISTICS... 6 SUSPICIOUS ACTIVITY REPORTS
More informationDebt Burden and Fiscal Sustainability in the Caribbean Region IMF- Presentation
Debt Burden and Fiscal Sustainability in the Caribbean Region IMF- Presentation Trevor Alleyne Division Chief Caribbean I Division Western Hemisphere Department International Monetary Fund- IMF Meeting
More informationDR. ABDULLAHI SHEHU DIRECTOR GENERAL INTER-GOVERNMENTAL ACTION GROUP AGAINST MONEY LAUNDERING IN WEST AFRICA (GIABA)
TAKING COUNTER-FINANCING OF TERRORISM FORWARD: STRENGTHENING STATES' CAPACITIES AND INTERNATIONAL AND REGIONAL COOPERATION DR. ABDULLAHI SHEHU DIRECTOR GENERAL INTER-GOVERNMENTAL ACTION GROUP AGAINST MONEY
More informationBest Practices in Assessing, Reporting and Policy Making in Financial Stability The Basel II Approach
Best Practices in Assessing, Reporting and Policy Making in Financial Stability The Basel II Approach Assessing Macro-Prudential Vulnerabilities and Policy Frameworks in a Regional Context Hosted by The
More informationHigh-risk and non-cooperative jurisdictions
High-risk and non-cooperative jurisdictions IMPROVING GLOBAL AML/CFT COMPLIANCE: ON-GOING PROCESS - 27 June 2014 Paris, 27 June 2014 - As part of its on-going review of compliance with the AML/CFT standards,
More informationCARIBBEAN FINANCIAL ACTION TASK FORCE. Fourth Follow-Up Report ARUBA
CARIBBEAN FINANCIAL ACTION TASK FORCE Fourth Follow-Up Report ARUBA May 2012 1 2012 CFATF. All rights reserved. No reproduction or translation of this publication may be made without prior written permission.
More informationInternational Monetary and Financial Committee
International Monetary and Financial Committee Thirty-Third Meeting April 16, 2016 IMFC Statement by Bill Morneau Minister of Finance, Canada On behalf of Antigua and Barbuda, The Bahamas, Barbados, Belize,
More informationESAAMLG ANNUAL REPORT. 1 APRIL MARCH 2017 (incorporating 33 rd Task Force meeting in April 2017)
ESAAMLG ANNUAL REPORT 1 APRIL 2016 31 MARCH 2017 (incorporating 33 rd Task Force meeting in April 2017) All rights reserved. No reproduction or translation of this publication may be made without prior
More informationTenth Follow-Up Report
CARIBBEAN FINANCIAL ACTION TASK FORCE Tenth Follow-Up Report Guyana June 2016 2016 CFATF. All rights reserved. No reproduction or translation of this publication may be made without prior written permission.
More informationINTERNATIONAL MONETARY FUND OFFSHORE FINANCIAL CENTER PROGRAM. A Progress Report
INTERNATIONAL MONETARY FUND OFFSHORE FINANCIAL CENTER PROGRAM A Progress Report Prepared by the Monetary and Exchange Affairs and Statistics Departments Approved by Stefan Ingves and Carol S. Carson March
More informationOverview of AML/CFT Framework of
Overview of AML/CFT Framework of The ISLAMIC REPUBLIC OF IRAN Feb 2013 2 TITLES 1. Legal-institutional framework on AML/CFT 2. Executive measures, Statistics, facts and figures 3. International Co-operation
More informationFATF/OECD 2006 All rights reserved. No reproduction, copy, transmission or translation of this publication may be made without written permission.
)LQDQFLDO$FWLRQ7DVN)RUFH *URXSHGDFWLRQILQDQFLqUH $118$/5(3257 -XQH FATF/OECD 2006 All rights reserved. No reproduction, copy, transmission or translation of this publication may be made without written
More informationCCMF 47th Annual Conference
Credit Risk and Basel II Implementation in the Caribbean CCMF 47th Annual Conference Bank of Guyana, Georgetown, Guyana November 18-20, 2015 Presenter: Courtney Christie-Veitch Caribbean Regional Technical
More informationApplicant Guidelines CCRIF Regional Internship Programme 2018
Applicant Guidelines CCRIF Regional Internship Programme 2018 About CCRIF SPC In 2007, the Caribbean Catastrophe Risk Insurance Facility was formed as the first multi-country risk pool in the world, and
More informationBIBA International Business Forum 2017 Panel II: Strategic Moves Under A Trump Presidency
BIBA International Business Forum 2017 Panel II: Strategic Moves Under A Trump Presidency Alicia Nicholls Trade & Development Consultant/Consulting Legal Researcher FRANHENDY ATTORNEYS Lloyd Erskine Sandiford
More informationFedEx International Priority. FedEx International Economy 3
SERVICES AND RATES FedEx International Solutions for your business Whether you are shipping documents to meet a deadline, saving money on a regular shipment or moving freight, FedEx offers a suite of transportation
More informationANNUAL REPORT OCTOBER OCTOBER
ANNUAL REPORT OCTOBER 2005 - OCTOBER 2006 TABLE OF CONTENTS EXECUTIVE SUMMARY... 3 OPENING CEREMONY MINISTERIAL MEETING XII... 4 ELECTION OF THE VICE CHAIR... 6 CERTIFICATE OF APPRECIATION... 6 ADDRESS
More informationHigh-risk and non-cooperative jurisdictions
High-risk and non-cooperative jurisdictions Send Print Tweet Improving Global AML/CFT Compliance: on-going process 26 June 2015 Brisbane, 26 June 2015- As part of its on-going review of compliance with
More informationSt. Martin 2013 SERVICES AND RATES
SERVICES AND RATES FedEx International Solutions for your business Whether you are shipping documents to meet a deadline, saving money on a regular shipment or moving freight, FedEx offers a suite of transportation
More informationCIMA FACTS OVERVIEW OF THE CAYMAN ISLANDS MONETARY AUTHORITY
CIMA FACTS OVERVIEW OF THE CAYMAN ISLANDS MONETARY AUTHORITY HISTORY Under the Monetary Authority Law, the Cayman Islands Monetary Authority began operations on 1 January 1997. The Authority was created
More informationSuriname. November, 2015
Post-Plenary final CARIBBEAN FINANCIAL ACTION TASK FORCE Eight Follow-Up Report Suriname November, 2015 2015 CFATF. All rights reserved. No reproduction or translation of this publication may be made without
More informationMethodology FOR ASSESSING TECHNICAL COMPLIANCE WITH THE FATF RECOMMENDATIONS AND THE EFFECTIVENESS OF AML/CFT SYSTEMS
Methodology FOR ASSESSING TECHNICAL COMPLIANCE WITH THE FATF RECOMMENDATIONS AND THE EFFECTIVENESS OF AML/CFT SYSTEMS Updated November 2017 FINANCIAL ACTION TASK FORCE The Financial Action Task Force (FATF)
More informationINTER-GOVERNMENTAL ACTION GROUP AGAINST MONEY LAUNDERING IN WEST AFRICA. Second Follow Up Report. Mutual Evaluation SIERRA LEONE
INTER-GOVERNMENTAL ACTION GROUP AGAINST MONEY LAUNDERING IN WEST AFRICA Second Follow Up Report Mutual Evaluation SIERRA LEONE MAY 2009 2014 GIABA. All rights reserved. No reproduction or translation of
More informationSolar PV in the Caribbean Opportunities and Challenges
Solar PV in the Caribbean Opportunities and Challenges Also See: Latin America PV Playbook The Latin America PV Playbook explores the budding Latin American PV Market, specifically Mexico, Brazil, Chile,
More informationF o l l o w Up R e p o r t. Anti-money laundering and counter-terrorist financing measures. Ethiopia
F o l l o w Up R e p o r t Anti-money laundering and counter-terrorist financing measures Ethiopia 5 th Enhanced Follow Up Report and Technical Compliance Re-Rating September 2018 Ethiopia: 5 th Enhanced
More informationSession 4, Stream 6. Global regulation of lending. John Paul Zammit. 07 & 08 October 2015
Session 4, Stream 6 Global regulation of lending John Paul Zammit 07 & 08 October 2015 This document sets out a high level summary only of the information received from local counsel for the purposes of
More informationSTATEMENT OF INTERIM FINANCIAL POSITION (UNAUDITED) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018
STATEMENT OF INTERIM FINANCIAL POSITION (UNAUDITED) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018 STATEMENT OF FINANCIAL POSITION As of September 30, 2018 (expressed in thousands of United States dollars)
More information13352/1/18 REV 1 AS/AR/fm 1 ECOMP.2.B
Council of the European Union Brussels, 31 October 2018 (OR. en) 13352/1/18 REV 1 FISC 423 ECOFIN 949 'I/A' ITEM NOTE From: To: Subject: General Secretariat of the Council Permanent Representatives Committee/Council
More informationSTATUS OF CORPORATE GOVERNANCE EFFORTS IN SELECT COUNTRIES OF THE CARIBBEAN REGION
STATUS OF CORPORATE GOVERNANCE EFFORTS IN SELECT COUNTRIES OF THE CARIBBEAN REGION COUNTRIES REGULATORY STRUCTURE (IF ANY) FOR ROLL-OUT OF CORPORATE GOVERNANCE EFFORTS RELEVANT LEGISLATION CURRENT DEVELOPMENTS
More informationRequest for Information (RFI) for Life Insurance Benefits
Request for Information (RFI) for Life Insurance Benefits I. INTRODUCTION The General Secretariat of the Organization of American States (hereinafter referred to as the GS/OAS ) is requesting information
More informationR E S I L I E N C E : B U I L D I N G B E T T E R. Dr. Justin Ram December 8, 2017
R E S I L I E N C E : B U I L D I N G B E T T E R Dr. Justin Ram December 8, 2017 AGENDA 01 Why we are vulnerable: Regional Challenges 02 Cost of Natural Disasters 03 Resilience Building: Stepping back
More informationJBA Annual AML/CFT Seminar. Recent Enhancements in Jamaica s Financial Sector Oversight Framework. Address by Brian Wynter.
JBA Annual AML/CFT Seminar Recent Enhancements in Jamaica s Financial Sector Oversight Framework Address by Brian Wynter 13 October 2015 1 Ladies and Gentlemen, It has been a significant year for financial
More informationGlobal Forum on Transparency and Exchange of Information for Tax Purposes. Statement of Outcomes
Global Forum on Transparency and Exchange of Information for Tax Purposes Statement of Outcomes 1. On 25-26 October 2011, over 250 delegates from 84 jurisdictions and 9 international organisations and
More informationFATF Mutual Evaluation of Ireland 2017
FATF Mutual Evaluation of Ireland 2017 Introduction Background The Financial Action Task Force ( FATF ) was established in 1989 with a high level objective that: Financial systems and the broader economy
More informationTHE CHANGING FACE OF REGULATION IN THE EASTERN CARIBBEAN
THE CHANGING FACE OF REGULATION IN THE EASTERN CARIBBEAN PRESENTED BY ANGUS SMITH FCCA, MSM, CGA AT THE 29 TH ANNUAL INSURANCE ASSOCIATION OF THE CARIBBEAN CONFERENCE EL CONQUISTADOR HOTEL PUERTO RICO
More informationFIRST ROUND MUTUAL EVALUATIONS - POST EVALUATION PROGRESS REPORT OF SWAZILAND
FIRST ROUND MUTUAL EVALUATIONS - POST EVALUATION PROGRESS REPORT OF SWAZILAND Covering the period August 2016 July 2017 ESAAMLG (2017), First Round Mutual Evaluation - Post Evaluation Progress Report of
More informationDe-Risking/De-Banking The Reality Facing Caribbean Financial Institutions. Morvin G Williams. Director of International Banks and Trust Corporations
De-Risking/De-Banking The Reality Facing Caribbean Financial Institutions By Morvin G Williams Director of International Banks and Trust Corporations Financial Services Regulatory Commission Antigua and
More informationPresentation with respect to the FATF. Prakash Mungra GM Supervisory Issues
Presentation with respect to the FATF Mutual Evaluation Report Aruba Prakash Mungra GM Supervisory Issues 1 Contents presentation I. 40 + 9 FATF Recommendations II. FATF evaluation of 24 November - 5 December
More informationCONSULTATION PAPER P June Proposed Amendments To The Monetary Authority Of Singapore Act And Trust Companies Act
CONSULTATION PAPER P007-2014 June 2014 Proposed Amendments To The Monetary Authority Of Singapore Act And Trust Companies Act PREFACE To strengthen the regulatory framework for combating money laundering
More informationINTERNATIONAL MONETARY FUND. Offshore Financial Centers The Assessment Program A Progress Report
INTERNATIONAL MONETARY FUND Offshore Financial Centers The Assessment Program A Progress Report Prepared by the Monetary and Financial Systems Department (In consultation with Other Departments) Approved
More informationReporting of Voluntary Tax Compliance Schemes 2014 Applications for permission to reproduce all or part of this publication should be made to: Page 2
REPORTING OF VOLUNTARY TAX COMPLIANCE SCHEMES 2014 Asia/Pacific Group on Money Laundering Approved and adopted, 16 July 2014 Reporting of Voluntary Tax Compliance Schemes 2014 Applications for permission
More informationCARIBBEAN DEVELOPMENT BANK LENDING POLICIES
CARIBBEAN DEVELOPMENT BANK LENDING POLICIES P.O. Box 408, Wildey, St. Michael Barbados, West Indies Telex: WB 2287 Telefax: (246) 426-7269; (246) 228-9670 Telephone: (246) 431-1600 Internet Address: http://www.caribank.org
More informationTHE MOVEMENT OF CAPITAL. CARICOM Single Market and Economy (CSME)
THE MOVEMENT OF CAPITAL CARICOM Single Market and Economy (CSME) Table of Contents Introduction Provisions in the Revised Treaty for the Movement of Capital Why Exchange Controls Are Needed In Some CARICOM
More informationSuriname. May, Seventh Follow-Up Report. Post-Plenary-Final CARIBBEAN FINANCIAL ACTION TASK FORCE
CARIBBEAN FINANCIAL ACTION TASK FORCE Seventh Follow-Up Report Suriname May, 2015 2015 CFATF. All rights reserved. No reproduction or translation of this publication may be made without prior written permission.
More information