Fourth Round Mutual Evaluation Report of Suriname

The CFATF Plenary held in Grand Cayman, Cayman Islands in November 2022 adopted the Mutual Evaluation Report of Suriname. This evaluation summarises the Anti-Money Laundering (AML) / Counter-Terrorist Financing (CFT) measures in place in Suriname as at the date of the on-site visit February 28^th - March 11^th, 2022. The report analyses the level of compliance with the FATF 40 Recommendations, the level of effectiveness of Suriname’s AML/CFT system and provides recommendations on how the system could be strengthened.

Click here  for the complete report.

The Bahamas’ progress in strengthening its framework to tackle money laundering and terrorist financing 

Port of Spain, Trinidad and Tobago, December 22^nd, 2022 – As a result of The Bahamas’ 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 2 of the 40 Recommendations.

The Bahamas has been in an enhanced follow-up process, following the adoption of the CFATF mutual evaluation report, which assessed the effectiveness of The Bahamas’ 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 the Fourth Round of AML/CFT Mutual Evaluations, The Bahamas has reported back to the CFATF on the progress it has made to strengthen its AML/CFT framework.

This report analyses The Bahamas’ progress in addressing the technical compliance deficiencies identified in the mutual evaluation.   

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

8 – Non-profit organisations from partially compliant to compliant

15 – New Technologies from partially compliant to compliant

The report also looks at whether The Bahamas’ 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.  

The Bahamas is now rated as Compliant or Largely Compliant with 40 out of the 40 FATF Recommendations.

  Click here to access the FUR

CFATF 55^th Plenary and Working Group Meetings Outcomes

 Photo from left to right: Members of the Head table of the CFATF- Ms. Camille Renie, Legal Advisor, WGFI Co-Chair Mr. Francis Arana (Cayman Islands), WGFI Co-Chair Ms. Celeste McCalla, Ms. Dawne Spicer, Executive Director, Ms. Cheryl Lister (Bermuda) CFATF Chairman (2021-2022), Mr. Loxly Ricketts, Deputy Executive Director, Mr. Samuel Bulgin, (Cayman Islands) CFATF Deputy Chairman (2021-2022) and Mr. Ryan Pinder (The Bahamas) CFATF Immediate Past Chairman (2021-2022).

Photo: Delegate leaders comprising Attorneys General, Ministers and CFATF Secretariat team, His Excellency the Governor, Mr. Martyn Roper (seated, 4th left), the Premier, Hon. Wayne Panton (seated 3rd right); Financial Services Minister Hon. André Ebanks (1st left)and Attorney General and emcee for the event, Hon. Samuel Bulgin (1st right); (standing): Solicitor General, Ms Reshma Sharma (2nd left), MP Ms Barbara Conolly (3rd left), Chief Justice, Hon. Margaret Ramsay-Hale (5th left), Speaker Hon. Katherine Ebanks-Wilks (6th left); Acting Deputy Governor, Hon. Gloria McField-Nixon (7th left), Health and Wellness Minister, Hon. Sabrina Turner (8th right) and Cabinet Secretary (7th right). CFATF Chair Mrs. Cheryl-Ann Lister, (seated 4th right) will pass on the baton of CFATF chairmanship to Attorney General Bulgin. Photo credit: Cayman Islands Government LinkedIn page

Grand Cayman, Cayman Islands, November to December 2022 – Chair of the CFATF, Mrs. Cheryl-Ann Lister, Acting Financial Secretary, Bermuda chaired the CFATF 55th Plenary and Working Groups Meetings during period November 27^th, 2022, to December 1^st, 2022. This was the first in-person Plenary and Working Group meetings since the Plenary held in Antigua and Barbuda in November 2019.

The main issues dealt with by this Plenary were:

1. Mutual Evaluations

Discussion of the Mutual Evaluation Reports (MERs) of Venezuela and Suriname: The CFATF 55^th Plenary discussed the MERs of Suriname and Venezuela which were prepared on the basis of the FATF 4^th Round Methodology, and which set out the level of effectiveness of the country’s AML/CFT/CPF system and their level of compliance with the FATF Recommendations. The Plenary approved the MERs following discussions at both the CFATF Working Group on FATF Issues (WGFI) meeting and at Plenary. The completion of the post-Plenary Quality and Consistency (Q&C) process is pending. 

2. CFATF International Co-operation Review Group (ICRG) (November 29^th, 2022) 

• Outcomes of the FATF ICRG June (hybrid) and October 2022 Working Group Meetings.
• Status Report on the FATF ICRG process for Jamaica, Barbados, Cayman Islands, Haiti, Antigua and Barbuda, Turks and Caicos Islands, St. Lucia and St. Kitts and Nevis.
• Discussion of the Follow-up Reports (FURs) for the Mutual Evaluations of:
• The Bahamas - 5^thEnhanced FUR (Re-rating).
• Jamaica - 5^th Enhanced FUR (Re-rating).
• Turks and Caicos - 1^st Enhanced FUR (Re-rating)
• Antigua and Barbuda – 4^th Enhanced FUR.
• Saint Lucia – 2^nd Enhanced FUR.
• Saint Kitts and Nevis – 1^st Enhanced FUR.
• Update on the 4th Round Follow-up Process (Other Jurisdictions - Trinidad and Tobago,
• Barbados, Cayman Islands, Haiti, Grenada, Bermuda and Aruba).
• Actions taken by the CFATF Members on the FATF Public Statement of June 2022.
   

3. CFATF Working Group on FATF Issues (WGFI) (November 27^thand 28^th, 2022)

• Presentation of FATF Working Group Meetings - June and October 2022.
• Presentation by the International Monetary Fund on Beneficial Ownership.
   

4. CFATF Heads of FIU Forum (November 29^th, 2022)

• Updates from the Egmont Group of FIUs.
• Presentations on Proliferation Financing Risk Assessments and Virtual Assets.|
   

5. CFATF Risk Trends and Methods Group (CRTMG) (November 27^th, 2022)

• Outcomes of the FATF RTMG meeting - June and October 2022.
• Discussion of CRTMG Projects.
   

6. Other Updates Received

During the reporting period May – November 2022, the CFATF 11^th EDF Office undertook the logistical preparations for the following:

• 1 Mutual Evaluation Mission
  • The MEVAL Onsite for Dominica conducted between the 15^th – 27^th August 2022.
•  1 MEVAL Pre-Onsite Meeting/Training for Dominica conducted in Trinidad between the 11^th – 14^th July 2022.
•  1 Pre-Assessment Training executed in Guyana over the period of 12^th -14^th October 2022.

The 11^th EDF Project will end in September 2024. This extended period allows the Project to provide support to the last three (3) CARIFORUM countries with upcoming MEVAL assessments in the 4^th Round. 

7. CFATF Governance

• For the period December 2022 to December 2023 the Chairmanship of the CFATF is held by The Cayman Islands represented by the Honourable Samuel Bulgin, KC, JP, Attorney General of the Cayman Islands. The Deputy Chairmanship is held by Aruba represented by Milangelo Brete, Director of the Financial Intelligence Unit of Aruba. The position of Immediate Past Chair is held by Bermuda, represented by the Cheryl-Ann Lister, Acting Financial Secretary in the Ministry of Finance for the Government of Bermuda, which ensures the tripartite governance of the CFATF.

CFATF Secretariat

December 20^th, 2022

Turks and Caicos Islands’ progress in strengthening measures to tackle money laundering and terrorist financing

Port of Spain, Trinidad and Tobago, December 20^th, 2022 – As a result of Turks and Caicos Islands’ progress in strengthening its framework to tackle money laundering and terrorist financing since their 2020 mutual evaluation, the Caribbean Financial Action Task Force (CFATF) has re-rated the country on 14 of the 40 Recommendations.

Turks and Caicos Islands has been in an enhanced follow-up process, following the adoption of the CFATF mutual evaluation, which assessed the effectiveness of Turks and Caicos 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, Turks and Caicos Islands has reported back to the CFATF on the progress it has made to strengthen its AML/CFT framework.

This report analyses Turks and Caicos Islands’ progress in addressing the technical compliance deficiencies identified in the Mutual Evaluation.   

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

8 – Non-profit organisations from partially compliant to largely compliant

10 – Customer due diligence from partially compliant to compliant

14 – Money Value Transfer Services from partially compliant to compliant

16 – Wire Transfers from partially compliant to largely compliant

15- New Technologies from partially compliant to non-compliant

17 – Reliance on third parties from partially compliant to compliant

19 - Higher-risk countries from partially compliant to compliant

22 – Designated Non-Financial Businesses and Professions (DNFBPs): Customer Due Diligence from partially compliant to largely compliant

23 – DNFBPs: Other Measurers from partially compliant to compliant

26 – Regulation and Supervision of Financial Institutions from partially compliant to largely compliant

34 – Guidance and Feedback from partially compliant to largely compliant

40 – Other Forms of International Co-operation from partially compliant to compliant

The CFATF agreed to maintain the largely compliant for Recommendation 2 (National co-operation and co-ordination) and the compliant rating for Recommendation 18 (Internal Controls and foreign branches and subsidiaries).

The report also looks at whether Turks and Caicos Islands’ 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