The Office of National Drug and Money Laundering Control Policy (ONDCP) hosted The Caribbean Financial Action Task Force Assessor’s training workshop during the period 15th-19th September 2014 at the Jolly Beach Hotel in Antigua.
The aim of the workshop was to equip participants with the tools needed to undertake an assessment of the technical compliance with the revised FATF Recommendations, adopted in February 2012, and for reviewing the level of effectiveness of a country’s Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) system.
Present at the opening ceremony for the workshop was Acting Prime Minister and Attorney General Hon. Steadroy Benjamin, who in his remarks said his government is fully committed to the fight against money laundering and terrorism financing, a matter that it takes very seriously. Hon S Benjamin also said, “The illicit billion-dollar illegal activity not only has the power to undermine the integrity of financial systems but also to threaten the political stability and damage the reputation of countries”.
During this 4th round of mutual evaluations, the FATF has adopted complementary approaches for assessing technical compliance with the FATF Recommendations, and for assessing whether and how the AML/CFT system is effective.
The workshop therefore exposed participants to the new Methodology which comprises two components:
(1). The technical compliance assessment which addresses the specific requirements of the FATF Recommendations, principally as they relate to the relevant legal and institutional framework of the country, and the powers and procedures of the competent authorities. These represent the fundamental building blocks of an AML/CFT system, and
(2). The effectiveness assessment which differs fundamentally from the assessment of technical compliance. It seeks to assess the adequacy of the implementation of the FATF Recommendations, and identifies the extent to which a country achieves a defined set of outcomes that are central to a robust AML/CFT system. The focus of the effectiveness assessment is therefore on the extent to which the legal and institutional framework is producing the expected results.
Together, the assessments of both technical compliance and effectiveness will present an integrated analysis of the extent to which the country is compliant with the FATF Standards and how successful it is in maintaining a strong AML/CFT system, as required by the FATF Recommendations. The workshop was designed to assist assessors when they are conducting an assessment of a country’s compliance with the international AML/CFT standards.
The participants were from various sectors such as Financial, Law Enforcement and Legal Experts from several CFATF member states to include Anguilla, Antigua and Barbuda, Aruba, Barbados, Bermuda, Curacao, Guyana, Jamaica, St. Kitts and Nevis, St. Lucia, The Bahamas, Turks and Caicos and Trinidad and Tobago.
The participants were also invited to a night out at the famous Nelson’s Dockyard where they were treated to local cuisine of seafood delights and the right mix of Caribbean music.
The ONDCP wishes to thank the CFATF for the opportunity to host this regional workshop in Antigua and Barbuda.
