Targeting Illegally Obtained Criminal Wealth in the Caribbean Launch of the Asset Recovery Inter-Agency Network ARIN-CARIB

On June 28 and 29, 2017, criminal justice officials representing 32 jurisdictions and constituent countries in the Caribbean region are meeting in Miami, Florida, to inaugurate the newly established Asset Recovery Interagency Network for the Caribbean region, known as ARIN-CARIB.

De-Risking

According to the Financial Action Task Force (FATF), de-risking is defined as “the phenomenon of financial institutions terminating or restricting business relationships with clients or categories of clients to avoid, rather than manage, risk”. The risk referred to in “de-risking” is a customer or client who could pose a higher than average risk of Money Laundering (ML) or Terrorism Financing (TF) or that processing transactions might result in a breach of sanctions regulation. De-risking can be caused by economic and regulatory concerns.

CFATF presence in 2016 Technical AML Seminar in Trinidad and Tobago

Mrs. Diana Firth, 2016 Tech AML Seminar

On Thursday March 3rd 2016, Deputy Executive Director Diana Firth joined the Financial Intelligence Unit of Trinidad and Tobago and other presenters from different institutions, in the NEM Consultants Technical AML Seminar at the Radisson Hotel Trinidad which included regulatory updates, the role of the Compliance Officer, Audit, among other topics.

The CFATF, as part of its awareness and private sector outreach, delivered a presentation on “Mutual Evaluations Reports”, their components and potential impact for the different countries and private sector, to an audience comprising of 100 plus participants representing over 43 organizations from both financial institutions and listed businesses.

CFATF holds its XLI Plenary in Port of Spain, Trinidad and Tobago

Hon. Garvin Nicholas, Attorney General Trinidad and Tobago and CFATF Deputy Chair, Mr. Roger Wilkins AO, FATF President and Hon. Luis Martínez, Attorney General El Salvador and CFATF ChairAntigua and Barbuda and Belize exited the follow-up process. Belize and Grenada exited ICRG monitoring demonstrating their commitment in the fight against Money Laundering and Terrorism Financing.

On May 27th and 28th, 2015, the Caribbean Financial Action Task Force (CFATF) held its XLI Plenary Meeting in Port of Spain, Trinidad, which is the permanent seat of the Organization.

Delegates attending the Plenary Meeting discussed topics such as the challenges of the fourth round, financial inclusion, third party reliance among others. Technical assistance opportunities for our Members were also discussed through the Donors Forum.

The CFATF also adopted its International Cooperation Review Group (ICRG) Procedures based on previous ICRG and Plenary decisions, for ease of reference and greater transparency, and updated its Mutual Evaluation Procedures to reflect changes in timelines and the possibility of joint assessments with Members which are both a Member of the CFATF and a different Financial Action Task Force (FATF) Style Regional Body.

Of note, is that two (2) more jurisdictions exited the follow-up process: Antigua and Barbuda and Belize. Belize and Grenada also exited enhanced monitoring by the CFATF ICRG. This attending to their progress in compliance with FATF standards.

Regional cooperation strengthened

Regional cooperation against money laundering, terrorist and proliferation financing, received another fillip when the directors of financial intelligence units from eight (8) Member countries of the CFATF signed MOUs which will foster bilateral cooperation towards the sharing of information. This augers well for the region because it not only adds to the potential sources of information available to the FIUs to properly undertake their analytical functions, but it also ensures that any regional investigative and intelligence gathering blind spots, which may have been available to criminals who are seeking to either hide their criminal proceeds or facilitate terrorist activities, have been significantly reduced.

The MOUs were signed following the 22nd meeting of the CFATF Heads of FIUs which was held in Port-of-Spain, Trinidad, on May 26, 2015.