Fourth Round Mutual Evaluation Report for Cayman Islands

 

 

The CFATF Plenary held in Barbados in November 2018 adopted the Mutual Evaluation Report of the Cayman Islands. This evaluation summarises the Anti-Money Laundering (AML) / Counter-Terrorist Financing (CFT) measures in place in the Cayman Islands as at the date of the on-site visit December 4 to 15, 2017. The report analyses the level of compliance with the FATF 40 Recommendations, the level of effectiveness of the Cayman Islands’ AML/CFT system and provides recommendations on how the system could be strengthen.

 

Click here for report

THE EU SUPPORTS CFATF IN CONDUCTING PRE-ASSESSMENT TRAINING IN ST LUCIA

 THE EU SUPPORTS CFATF IN CONDUCTING PRE-ASSESSMENT TRAINING IN ST LUCIA

Mr. Rommel St. Hill Legal Advisor CFATF delivers technical guidance to St Lucia’s training audience.

The Project ‘Implementation of the Mutual Evaluation Programme’ which is being funded by the 11th European Development Fund commenced with Pre-Assessment Training in St Lucia during the period 28th – 30th January 2019. This training was hosted by the Attorney General’s Chambers at the Finance Administrative Centre Castries, St Lucia. The training was coordinated by the National Anti-Money Laundering Oversight Committee (NAMLOC).

Over two hundred persons from both the public and private sector institutions participated in the 3-day event. The Opening Ceremony was presided over by Mrs. Brender Portland- Reynolds, Solicitor General, Ms. Juliana Alfred, Permanent Secretary of the Attorney General’s Chambers and Ms. Cointha Thomas, Permanent Secretary of the Department of Finance.  These sessions were facilitated by staff of the CFATF Secretariat; Law Enforcement Advisor Mr. Jefferson Clarke and Legal Advisor Mr. Rommel St Hill who both elaborated on the Mutual Evaluation Process, Technical Compliance Principles, Risk and other AML/CFT topics.

This session is one of a series of trainings and seminars designed to directly assist CARIFORUM Member States to prepare for their Mutual Evaluations. For more information about the Project ‘Implementation of the Mutual Evaluation Programme’ please contact the CFATF 11th EDF Office @ Andrew.frection@cfatf.org  and request your e-copy of the 11th EDF Newsletter.

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

Bridgetown, Barbados, 22 November 2018 – 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 13 of the 40 Recommendations.

The Bahamas has been in an enhanced follow-up process, following the adoption of the CFATF mutual evaluation, 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 FATF Procedures for 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 report.   

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

1- Assessing risks and applying a risk-based approach from partially compliant to largely compliant

2– National cooperation and coordination from partially compliant to compliant

6 - Targeted financial sanctions related to terrorism and terrorist financing from non-compliant to partially compliant

10 – Customer due diligence from partially compliant to compliant

12 – Politically exposed persons from partially compliant to compliant

15 – New technologies from partially compliant to largely compliant

17 – Reliance on third parties from partially compliant to compliant

18 - Internal controls and foreign branches and subsidiaries from partially compliant to largely compliant

23 – DNFBPs: other measures – from partially compliant to largely compliant

25 – Transparency and beneficial ownership of legal arrangements - from partially compliant to largely compliant

30 – Responsibilities of law enforcement and investigative authorities from partially compliant to compliant

32 - Cash couriers   from partially compliant to largely compliant

35 - Sanctions from partially compliant to largely compliant

The report also looks at whether The Bahamas’ measures meet the requirements of FATF Recommendations that have changed since their 2017 mutual evaluation, taking into account any new measures since the mutual evaluation.

The CFATF agreed to maintain the largely compliant for Recommendation 5, the compliant rating for Recommendation 21 and partially compliant rating for Recommendations 7, 8, 19, 22, 26, 27, 28 and 33.  

See link for complete report -> The Bahamas 1st Follow up Report

PRE-ASSESSMENT TRAINING FOR CFATF DUTCH-SPEAKING MEMBER COUNTRIES

 

The Kingdom of the Netherlands in support of the CFATF, funded Pre-Assessment Training for the Dutch-speaking CFATF Members. The training was hosted by Curaçao during the period 5 – 7 December 2018 at the Renaissance Curaçao Resort and Casino, Curaçao.

Over one hundred and twenty personnel from the public sectors of Curaçao, St. Maarten, Suriname and Aruba participated in the training over two days whilst fifty private sector personnel from the financial and DNFBP sectors across the jurisdictions attended a half-day session.

The sessions for both the public and private sectors were opened with remarks by the Honourable Minister of Finance of Curaçao, the Honourable Kenneth Gijsbertha and were facilitated by staff of the CFATF Secretariat; Executive Director Dawne Spicer and Deputy Executive Director Joanne Daniel. Participants were guided through the mutual evaluation process, key principles and concepts of the fourth round of mutual evaluations and preparatory considerations relating to their upcoming fourth round mutual evaluations.

The sessions were very interactive and well received by all participants who shared on progress of ongoing efforts to bolster their AML/CFT Frameworks and prepare for their fourth-round mutual evaluation.

CFATF Secretariat
Wednesday 12 December 2018

CFATF Report of Regional Money Laundering and Terrorist Financing Cases

In November 2018 the CFATF completed a compilation of cases based on regional money laundering and terrorist financing investigations and prosecutions. The report categorises these cases, some of which show money flows across corridors, using myriad legitimate facilities. 

See here for access to the report -> CFATF Typology Report on Money Laundering and Terrorist Financing