Caribbean Financial Action Task Force

Caribbean Financial Action Task Force The Caribbean Financial Action Task Force (CFATF) is an organisation of twenty-five (25) states of the Caribbean Basin, Central and South America, which have agreed to implement common countermeasures to address money laundering.

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FATF President Dr. Marcus Pleyer sets out the work the FATF does to combat terrorist financing, and highlights the three...
17/09/2020

FATF President Dr. Marcus Pleyer sets out the work the FATF does to combat terrorist financing, and highlights the three-pronged approach to strengthen countries’ ability to prevent, detect, disrupt, investigate, and prosecute the financing of terrorism. During his remarks, Dr. Pleyer also emphasized the importance of public-private partnerships. See here for full speech: https://lnkd.in/dyhB3ry

#cybersecurity #antimoneylaundering #amlcft #counteringthefinancingofterrorism #fatf #cfatf

Speaking virtually to the OSCE Counter-Terrorism Conference in Vienna, FATF President Marcus Pleyer emphasised how new digital technologies can potentially help speed up terrorist financing probes #FollowTheMoney

14/08/2020
www.cfatf-gafic.org

Public Statement on Sint Maarten approved by Round Robin on July 28th, 2020

The CFATF welcomes Sint Maarten’s considerable efforts on addressing the deficiencies relative to Core and Key Recommendations. Consequently, the CFATF withdraws its call for members to consider the risks arising from the deficiencies associated with Sint Maarten made on November 27th, 2019.

Sint Maarten remains in enhanced follow-up until it applies to exit the Third Round of Mutual Evaluations given that the progress it has made demonstrates that it satisfies the conditions for exit set out by the CFATF ###IX Plenary Meeting held in May 2014.

Click here to download the public statement: https://lnkd.in/dmw87uV

04/08/2020
The Impact of COVID-19 on the Detection of Money Laundering and Terrorist Financing

The Financial Action Task Force (FATF) held a webinar on "The Impact of COVID-19 on the Detection of Money Laundering and Terrorist Financing" on July 31, 2020.

After a brief update on risks, challenges and other relevant issues related to ML/TF detection reported by FATF and FSRB members and observers, experts representing national financial intelligence units, regulators and the private sector shared their views on topics including:

How has COVID-19 affected day-to-day financial activity and how are national authorities and the private sector adapting ML/TF detection capabilities in a rapidly evolving environment?

How have national authorities and the private sector dealt with challenges to ensure business continuity so that ML and TF activity continues to be detected?

What are some of the medium to long-term issues facing the anti-money laundering/counter terrorist financing (AML/CFT) community and what lessons can we learn from the impact of the pandemic?

View the webinar here: https://www.youtube.com/watch?v=FJO5EozUmNU#action=share

04/08/2020
Covid-19 and the Changing Money Laundering and Terrorist Financing Risk Landscape

The FATF held a webinar on "COVID-19 and the Changing Money Laundering and Terrorist Financing Risk Landscape" on July 30, 2020.

After a brief update on risks reported by FATF and FSRB members and observers, representatives from Australia, Mexico, Interpol and Europol provided updates and different perspectives on the key money laundering (ML) and terrorist financing (TF) risks to be aware of. They discussed key issues including:

How has COVID-19 changed the criminal economy and what key threats and vulnerabilities are we seeing at the national, regional and international levels?

What medium to long-term risks do we see emerging from the COVID-19 crisis?

What are some good practices and strategies the public and private sectors can put in place to manage the changing risk environment?

View the webinar here: https://www.youtube.com/watch?v=mwh3r7-KrrM#action=share

04/08/2020
FATF Webinar on Money Laundering and Illegal Wildlife Trade

The Financial Action Task Force (FATF) held a webinar on Monday 27 July 2020 to discuss the FATF’s recent report on Money Laundering and the Illegal Wildlife Trade (IWT).

The report can be found here:http://www.fatf-gafi.org/media/fatf/documents/Money-laundering-and-illegal-wildlife-trade.pdf

The objective of this webinar was to discuss the main money laundering trends linked to IWT, as well as practical examples of how governments, the private sector and civil society can tackle ML from IWT. The webinar also discussed next steps and commitments for action across government and non-government stakeholders.

This webinar was aimed at national and international AML/CFT and wildlife crime experts, as well as private sector and civil society representatives. The webinar included senior participation from the FATF, including the current FATF President and representatives from national governments, the United for Wildlife Financial Taskforce, the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG), the United Nations Office for Drugs and Crime (UNODC), and civil society.

View the webinar here: https://www.youtube.com/watch?v=RBAUMugtukg

On 27 July 2020, the Financial Action Task Force (FATF), organised a Webinar on the topic of money laundering and the illegal wildlife trade. During this web...

04/08/2020
FATF webinar on COVID-19 related money laundering and terrorist financing risks and policy responses

Following the publication of the paper on COVID-19 related Money Laundering and Terrorist Financing Risks and Policy Responses, the FATF held a webinar to summarise and higlight the findings and, respond to questions from participants.

View the webinar here: https://www.youtube.com/watch?v=Uf8n1WV_Ofo&feature=emb_title

The Financial Action Task Force (FATF) held a webinar to detail the findings of a new paper 'COVID-19-related Money Laundering and Terrorist Financing Risks ...

04/08/2020
www.fatf-gafi.org

The FATF issued a paper on COVID-19 related Money Laundering and Terrorist Financing Risks and Policy Responses. This paper identifies challenges and new money laundering and terrorist financing threats and vulnerabilities arising from the COVID-19 crisis.

The paper also highlights that policy responses that can help support the swift and effective implementation of measures to respond to threats and vulnerabilities emerging during the COVID-19 pandemic.

These measures include domestic coordination to assess the impact of COVID-19 on anti-money laundering (AML) countering the financing of terrorirsm (CFT) risks and systems, strengthened communication with the private sector and supporting electronic and digital payment options.

Download the Report here:http://www.fatf-gafi.org/media/fatf/documents/COVID-19-AML-CFT.pdf

12/07/2020
www.fatf-gafi.org

Find the latest edition of the FATF Business Bulletin, including the FATF's objectives under its German Presidency and more, here: https://bit.ly/3fgX2T7

#Followthemoney #moneylaundering #terroristfinancing #antimoneylaundering #counteringthefinancingofterrorism

06/07/2020
www.cfatfgafic.org

ONDCP Press Release: The Supervisory Authority (ONDCP) Wins Appeal at the Privy Council

The Office of the National Drug and Money Laundering Control Policy (ONDCP) has released the following press release:

St. John’s, Antigua – 8th June 2020. The Privy Council today dismissed the appeal of Ahmed Williams challenging the constitutionality of the civil forfeiture regime under the Money Laundering (Prevention) Act and the civil forfeiture order forfeiting his property to the Director of the ONDCP in his capacity as the Supervisory Authority. Read complete press release here:https://www.cfatfgafic.org/images/news_uploads/Press_Release_SA_Wins_at_Privy_Council_against_Ahmed_Williams.pdf

The complete judgement by the Judicial Committee of the Privy Council can be found at the following link: https://www.jcpc.uk/cases/jcpc-2018-0041.html

The FATF is holding a public consultation to strengthen the global response to prevent funding for weapons of mass destr...
06/07/2020
Documents - Financial Action Task Force (FATF)

The FATF is holding a public consultation to strengthen the global response to prevent funding for weapons of mass destruction.

This aims to ensure the effective implementation of targeted financial sanctions by countries and the private sector. See here for more information: https://bit.ly/3ifKhKz

The Financial Action Task Force (FATF) is considering proposals for amendments to Recommendation 1 and its Interpretive Note to require countries and the private sector to identify, and assess the risks of potential breaches, non-implementation or evasion of the targeted financial sanctions (TFS) re...

06/07/2020
www.fatf-gafi.org

Congratulations to Dr. Marcus Pleyer of Germany on becoming the new FATF President!

Some of the prioritised issues under his Presidency will include:

⬛️ Digital transformation
⬛️ Ethnically or racially motivated terrorism
⬛️ Environmental crime

See more here ➡️ https://bit.ly/2YO5x2k #moneylaundering #terroristfinancing #antimoneylaundering #counteringthefinancingofterrorism #FollowTheMoney

FATF President Xiangmin Liu chaired his final FATF Virtual Plenary meeting last week. A summary of the outcomes can be f...
06/07/2020
Documents - Financial Action Task Force (FATF)

FATF President Xiangmin Liu chaired his final FATF Virtual Plenary meeting last week. A summary of the outcomes can be found here: https://bit.ly/2CPrLIB #FollowTheMoney

Paris, 24 June 2020 – FATF President Xiangmin Liu chaired the third and last Plenary meeting under the Chinese Presidency. As the world continues to grapple with the devastating human and economic impact of the COVID-19 pandemic, the FATF held this Plenary meeting as a virtual event due to lockdow...

#Followthemoney #FATF #FATFPlenaryweek
24/06/2020

#Followthemoney #FATF #FATFPlenaryweek

The third and final FATF Plenary under the Chinese Presidency of Xiangmin Liu is about to get underway. Delegates will discuss key issues, including on virtual assets and so-called "stablecoins". See more ➡️ https://bit.ly/3dqsKMd

FATF paper identifying challenges, good practices and policy responses to new money laundering and terrorist financing t...
05/05/2020

FATF paper identifying challenges, good practices and policy responses to new money laundering and terrorist financing threats and vulnerabilities arising from the COVID-19 crisis.

https://lnkd.in/eTURAJe

#antimoneylaundering #aml #cft #cfatf #fatf #covid19

As the world battles #COVID-19, a new paper outlines the challenges and policy responses to combat money laundering and terrorist financing risks emerging during the pandemic. The paper contains updates that have been shared with #FATF members and partners➡️ https://bit.ly/2W0eMuM

Statement by the FATF President: COVID-19 and measures to combat illicit financing
02/04/2020

Statement by the FATF President: COVID-19 and measures to combat illicit financing

The FATF encourages governments to work with the private sector to make full use of the flexibility built into FATF’s Standards to deal with the challenges of the #COVID19 pandemic, and remain vigilant of scams exploiting the crisis. See more here➡️ https://bit.ly/2X0EDUk

The CFATF Secretariat is pleased to present a new feature on its website! The CFATF Research Corner has been created to ...
31/03/2020
CFATF Research Corner

The CFATF Secretariat is pleased to present a new feature on its website! The CFATF Research Corner has been created to be the repository of educational articles for the public as well as technical articles for CFATF Members.

Public education and awareness on the fundamental AML/CFT principles will be achieved through the “AML/CFT 101” publications. The first publication in this series focuses on Money Laundering: its definition, stages, negative effects on society and the importance of combating this crime. Please click the link to read more: https://www.cfatf-gafic.org/home/cfatf-research-corner

The technical articles will be geared towards the CFATF Membership and will focus on topics based on the FATF Standards. The first article entitled “The Nature of Beneficial Ownership - Focus on Legal Persons" concentrates on the definition of beneficial ownership, its importance, key features of an effective BO system, Recommendation 24, challenges and best practices. CFATF Members can access the full publication here: https://www.cfatf-gafic.org/home/cfatf-research-corner

The CFATF Secretariat will continue to work to enhance the understanding of pertinent AML/CFT issues in the Caribbean region through the issuance of these articles.

Official Website of the Caribbean Financial Action Task Force

09/03/2020
FATF

Digital ID systems are evolving rapidly. To determine whether a digital ID is suitable, governments, financial institutions and other stakeholders should:

Understand the assurance levels of the digital ID system’s technology, architecture and governance.

Given its assurance levels, determine whether it is appropriately reliable, independent in light of potential risks that it is used to facilitate illicit finance.

Click to read more: https://bit.ly/39u5cVt

Digital transactions are growing by almost 13% a year. Digital ID’s such as ePassports and electronic driving licences using technology like fingerprint and iris scans will become more common. This FATF paper outlines potential benefits of digital ID, including:
- Strengthening efforts to stop money laundering
- Making it easier and cheaper to use bank services
- Allowing people without traditional ID to get accounts
See more here: bit.ly/39u5cVt #FollowTheMoney #FATF #MoneyLaundering

CFATF Representatives, Law Enforcement Advisor Pedro Harry (back row 2nd from right) & Legal Advisor Sunita Ramsumair (f...
02/03/2020

CFATF Representatives, Law Enforcement Advisor Pedro Harry (back row 2nd from right) & Legal Advisor Sunita Ramsumair (front centre) & other delegates from FSRBs joined the FATF Secretariat in Paris for a week-long workshop on sharing information and experience on the conduct of Mutual Evaluations #FATF

And that’s a wrap! A big thanks to representatives from FATF-Style Regional Bodies Secretariats who joined the FATF Secretariat in Paris for a week-long workshop. Good discussions on best practices to conduct country reports – the FATF Mutual Evaluations #FATF #MoneyLaundering #terroristfinancing

CFATF Representatives, Law Enforcement Advisor Pedro Harry (4th from left) & Legal Advisor Sunita Ramsumair & other dele...
28/02/2020

CFATF Representatives, Law Enforcement Advisor Pedro Harry (4th from left) & Legal Advisor Sunita Ramsumair & other delegates from FSRBs joined the FATF Secretariat in Paris for a week-long workshop on sharing information and experience on the conduct of Mutual Evaluations #FATF

Representatives from FATF-Style Regional Bodies Secretariats joined the FATF Secretariat in Paris for a week-long workshop on sharing information and experience on the conduct of Mutual Evaluations #FATF

The Chairman of the CFATF, Lt. Col. Edward H. Croft, Director of the Office of National Drug and Money Laundering Contro...
21/02/2020

The Chairman of the CFATF, Lt. Col. Edward H. Croft, Director of the Office of National Drug and Money Laundering Control Policy (ONDCP) of Antigua and Barbuda congratulates the Hon. Faris Al-Rawi, MP, Attorney General and Minister of Legal Affairs of Trinidad and Tobago on being the first country in CFATF to be removed from the compliance list at #FATF Plenary week in Paris, France in February 2020.

See link for further information: https://lnkd.in/eUtfTXx

#CFATF #caribbeanfinancialactiontaskforce #antimoneylaundering #terroristfinancing #moneylaundering #FollowTheMoney #amlcft #aml #FATFweek

21/02/2020
FATF

#FATFweek in Paris, France has concluded. See link: https://bit.ly/2VeLYif for FATF Plenary Outcomes. #FollowTheMoney #FATF

The FATF plenary week has finished in Paris! Thanks to all the 800 delegates who came from around the world. Together we can make a difference in the fight against money laundering and terrorist financing. See more about the outcomes of the plenary here: https://bit.ly/2VeLYif #FATFweek #FollowTheMoney #FATF

It’s #FATFweek in Paris, France. The CFATF was represented by the Chairman of the CFATF, (third from left), Lt. Col. Edw...
20/02/2020

It’s #FATFweek in Paris, France. The CFATF was represented by the Chairman of the CFATF, (third from left), Lt. Col. Edward H. Croft, Director of the Office of National Drug and Money Laundering Control Policy (ONDCP) of Antigua and Barbuda and Attorneys General, (from left to right), the Hon. Samuel Bulgin JP, Q.C., Attorney General of the Cayman Islands, the Hon. Nigel Clarke, Minister of Finance of Jamaica, the Hon. Carl Wilshire Bethel, Q.C., Attorney General and Minister of Legal Affairs of The Bahamas, the Hon. Dale Marshall, Q.C., MP, Attorney General and Minister of Legal Affairs of Barbados and the Hon. Faris Al-Rawi, MP, Attorney General and Minister of Legal Affairs of Trinidad and Tobago at #FATF Plenary week in February 2020.

#CFATF #caribbeanfinancialactiontaskforce #antimoneylaundering #terroristfinancing #moneylaundering #FollowTheMoney #amlcft #aml

Over the past decade, blockchain, bitcoin, crypto assets and virtual assets have become part of a whole new vocabulary d...
06/02/2020
Documents - Financial Action Task Force (FATF)

Over the past decade, blockchain, bitcoin, crypto assets and virtual assets have become part of a whole new vocabulary describing innovative technology used to swiftly transfer value around the world. The fast-evolving blockchain and distributed ledger technologies have the potential to radically change the financial landscape. But, their speed, global reach and above all - anonymity - also attract those who want to escape authorities’ scrutiny.

Read more on the FATF's focus on virtual assets, learn how the FATF Standards apply and what effective action is being taken: https://www.fatf-gafi.org/publications/virtualassets/documents/virtual-assets.html?hf=10&b=0&s=desc(fatf_releasedate)

Blockchain, bitcoin, crypto assets, virtual currencies…a whole new vocabulary describing innovative technology to swiftly transfer value around the world. The fast-evolving blockchain and distributed ledger technologies have the potential to radically change the financial landscape. But, their sp...

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