The Caribbean is expected to look more closely at how it can further strengthen individual countries' financial systems to protect against money laundering and the financing of terrorism at a conference taking place in Nassau today.
The Bahamas is hosting the First Caribbean Financial Action Task Force (CFATF) Regional Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) Conference during April 2 and 3, at the British Colonial Hilton and the Paul Farquharson Center, Police Headquarters.
The CFATF is an organization of 27 states in the Caribbean Basin which have agreed to implement common counter measures to address the problem of criminal money laundering. The main objective of the CFATF is to achieve effective implementation of and compliance with the FATF recommendations to prevent and control money laundering and to combat the financing of terrorism.
During this two-day, high level conference, it is expected that ministers throughout the Caribbean will be in The Bahamas where they will examine how they may strengthen their AML/CFT programs.
Ministers will also review the Third Round Mutual Evaluations, and explore how member jurisdictions can prepare for the Fourth Round of Mutual Evaluations which commences in January 2015. This conference will not only serve as a training opportunity for member countries, but will also be invaluable in preparing those countries' which will conduct National Risk Assessments.
This AML/CFT conference will focus on a number of strategic objectives which include improved collaboration among member countries of the Caribbean and partnering with agencies including the Caribbean Export Development Agency, the Caribbean Development Bank and CARICOM. Additionally, the president of the Financial Action Task Force, Vladimir Nechaev, will be the key note speaker. Prime Minister Perry Christie will also address the conference.
At the end of the two day conference, it is expected that CFATF Ministers will review and sign the historic Nassau Declaration. This document will be widely publicized because of its importance to The Bahamas as chair of the CFATF and the region.
Currently, CFATF members are Antigua & Barbuda, Anguilla, Aruba, The Bahamas, Barbados, Belize, Bermuda, The Virgin Islands, The Cayman Islands, Curacao, Dominica, Dominican Republic, El Salvador, Grenada, Guatemala, Guyana, Republic of Haiti, Jamaica, Montserrat, St. Kitts & Nevis, St. Lucia, St. Maarten, St. Vincent & The Grenadines, Suriname, The Turks & Caicos Islands, Trinidad & Tobago and Venezuela.
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