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CC | Progress in fighting money laundering and terrorist financing in the Caribbean and Central American Region

 

FATF participated in the meetings of the Caribbean Financial Action Task Force (CFATF) which took place in San Salvador, El Salvador on 21 – 25 May 2012. CFATF is one of the FATF-regional style bodies and comprises 29 countries from the Caribbean and Central American region (www.cfatf-gafic.org).

Some of the main outcomes of the meeting were:

Mutual evaluation of Curaçao

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CFATF evaluated the implementation of anti-money laundering and countering the financing of terrorist (AML/CFT) measures in Curaçao. The assessment was conducted after the creation of Curaçao as a new jurisdiction within the Kingdom of the Netherlands, and was based on the recently replaced 2003 FATF 40 Recommendations and 2001/2004 FATF 9 Special Recommendations. The evaluation report was discussed in detail and adopted by CFATF. Some of the main findings of the report are that Curaçao generally has a relatively sound legal and supervisory regime in place; however, the report also indicates that measures in relation to customer due diligence and reporting of suspicious transactions need to be enhanced. Terrorist financing will need to be criminalized in line with the FATF Recommendation and important shortcomings remain with the Financial Intelligence Unit. The final detailed report will be published on the CFATF website and will also be made available on the FATF website. The mutual evaluation of Curaçao was the penultimate assessment in the third round of CFATF mutual evaluation reports.

Follow-up process

After the adoption of a mutual evaluation report, members are required to take measures to correct the identified deficiencies. CFATF has in place a follow-up procedure that mirrors that of the FATF.

In addition, for those members with significant or strategic shortcomings, the CFATF has now also put in place an additional follow-up procedure to address these specific shortcomings through an action plan. This procedure involves country-to-country assistance, whereby well performing members assist those members with an action plan, but also sanctions for members that do not address shortcomings or do not comply with the follow-up procedures. CFATF is to be commended for implementing this process, which could be a model for other regions. Regular follow-up reports are publicly available on the CFATF public website (www.cfatf-gafic.org).

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Revised FATF Recommendations

The revised FATF 40 Recommendations, adopted in February 2012, were presented to the CFATF membership.  This was an opportunity to highlight the major changes in the Recommendations and to discuss issues related to the implementation of the revised requirements. This presentation of the revised Recommendations to the CFATF membership was a combined effort by the delegations of the United Kingdom, the IMF, World Bank, and the CFATF and FATF Secretariats. CFATF and its members are invited to actively participate in the ongoing work conducted for the preparation of the fourth round of mutual evaluations based on the recently adopted revised FATF 40 Recommendations.

CFATF reform process

In 2010, CFATF members had agreed on an ambitious reform process to improve the effective functioning of the organization. The FATF witnesses that a number of reforms have already been implemented. The membership of CFATF has now engaged in the final stages of the reform process which covers measures relating to the funding and tasks of the organization and its Secretariat. These reforms are likely be finalised at the latest by early 2013.

 

last updated: 29 May. 2012

 

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