What's Happening

COVID-19-related Money Laundering and Terrorist Financing Risks and Policy Responses

The COVID-19 pandemic has led to unprecedented global challenges, human suffering and economic disruption. It has also led to an increase in COVID-19-related crimes, including fraud, cybercrime, misdirection or exploitation of government funds or international financial assistance, which is creating new sources of proceeds for illicit actors.  Using information provided to the members of the FATF Global Network on April 7th and 23rd, the FATF has published a paper which identifies challenges, good practices and policy responses to new money laundering and terrorist financing threats and vulnerabilities arising from the COVID-19 crisis. 

To read the full paper, please click here.

Supervision Project – Strengthening Supervisory Systems


Pictured above, from the right is Ms. Ligia Stella, Director, Sint Maarten FIU. Second on the right is Ms. Glenda Leben, CFATF’s Supervision Advisor together with DNFBP Supervision staff.

 

The Supervision Project fully funded by the Co-operating and Supporting Nations, namely the Governments of Canada and the United Kingdom of Great Britain and Northern Ireland continues to provide support to Caribbean Financial Action Task Force Members. One way in which direct support is offered, is through the training of Anti-Money Laundering/Counter Financing of Terrorism (AML/CFT) Supervision staff to help with building capacity in an effort to enhance supervision activities. 

As a result, the second training event was delivered to the Sint Maarten’s Financial Intelligence Unit (FIU), which is the AML/CFT Supervisor for Designated Non-Financial Businesses and Professions (DNFBPs). With new staff in the Supervision Department, Director of the FIU, Ms. Ligia Stella, identified the need to strengthen the capacity of team members to effectively monitor, regulate and supervise DNFBPs for compliance with AML/CFT requirements commensurate with their risks.

During the period March 11-13, 2020, focused training was provided to the team who participated in practical sessions and benefitted from one-on-one interaction, geared towards promoting a clearer understanding of the requirements of Immediate Outcome 3 – Supervision. While the region together with the world deals with the pandemic that is COVID-19, offsite and online support remains available to Members in relation to the Supervision Project.

For further information and details, please contact the Supervision Advisor, Ms. Glenda Leben at glenda.leben@cfatf.org or cfatf@cfatf.org.

The IDB publishes document on the impact of COVID-19 on Caribbean economies.

The Inter-American Development Bank (IDB) has published a document titled “The Impact of COVID-19 on the Economies of the Region (Caribbean)”. The document analyses the impact of the COVID-19 pandemic in six (6) Caribbean countries: Barbados, Guyana, Jamaica, Suriname, The Bahamas and Trinidad and Tobago, as of April 3rd, 2020. The confirmed cases and response timelines, the potential impact on economic growth and the policy measures adopted by respective country governments are discussed in the document.

To read the full document, please click here.

Europol publishes Report on “Pandemic Profiteering”

The European Union Agency for Law Enforcement Cooperation (Europol) has published a report titled “Pandemic Profiteering: How Criminals Exploit the COVID-19 Crisis”. The report provides an overview of how criminals have adapted their activities to the COVID-19 pandemic. More specifically, the report focuses on the impact of the COVID-19 pandemic on crimes such as fraud, cybercrime, distribution of counterfeit and sub-standard goods and organized property crimes. This report is based on information Europol receives from the EU Member States daily and intends to support Member States’ law enforcement authorities in their work.

To read the full report, click here.

The IDB publishes new Transparency and Integrity Sector Framework Document

 

The Inter-American Development Bank (IDB) has approved a new “Transparency Sector Framework” which is a roadmap for the Bank's strategic efforts in helping countries with their anti-corruption efforts.

The document, entitled “Transparency and Integrity Sector Framework Document” analyzes corruption in its different forms, as well as the factors that help explain it in the Latin America and Caribbean (LAC) region. As stated by Roberto de Michele, Modernization of the State Principal Specialist in the Innovation in Citizen Services Division, IDB:

“It provides an analysis of the lessons learned in promoting transparency reforms and the public policies that are helpful to prevent the problem. The document emphasizes the importance of improving the quality of institutions and regulations aligned with international integrity standards. It also proposes to ensure access to information using digital technologies, in order to improve public and social control. The Sector Framework Document also highlights the importance of strengthening the agencies responsible for promoting integrity and accountability.”

 To read the full report, click here.

 

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