CFATF Public Statement on Sint Maarten at L Plenary St. Johns, Antigua and Barbuda, November 27th,2019
Jurisdiction with strategic AML/CFT deficiencies that has not made sufficient progress in addressing the deficiencies. The CFATF calls on its members to consider the risks arising from the deficiencies associated with the jurisdiction, as described below.
The CFATF recognizes the progress made by Sint Maarten to date in addressing the deficiencies identified in its Mutual Evaluation Report. However, the CFATF is concerned by Sint Maarten's failure to address remaining deficiencies in its anti-money laundering and combating the financing of terrorism (AML/CFT) regime after the High-Level Mission that visited the country on August 24th, 2018 and the Plenary's requirement to overcome such deficiencies by February 2019, which has not been achieved as verified at the CFATF May and November 2019 Plenary meetings.
The CFATF urges Sint Maarten to immediately address its AML/CFT deficiencies including bringing the necessary outstanding legislation into force and effect. In the event of failure to act on this requirement, the CFATF may call its member jurisdiction to apply countermeasures on the country as set out in the procedures for the third stage of Enhanced Follow-Up, which entails the application of Rec. 21 of the FATF Standards of 2003, in order to protect their financial systems from the ongoing ML and TF risks emanating from Sint Maarten.
The CFATF LI Plenary will review if additional progress has been made by Sint Maarten.
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