CFATFCaribbean Financial Action Task Force
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It is thought likely that a new nominee will replace Sir Ronald Sanders as CFATF chairman.
A key issue for the regional task force, as ever in AML matters, is the establishment of Financial Intelligence Units (FIUs) in CFATF states.
The CFATF Secretariat monitors members' implementation of the Kingston Ministerial Declaration through the following activities: self-assessment of the implementation of the [R]ecommendations; an on-going programme of mutual evaluation of members; coordination of, and participation in, training and technical assistance programs; biannual plenary meetings for technical representatives; and annual Ministerial meetings.
The December training was jointly organized with the CFATF.
The full evaluation report is due to be published on the CFATF Web site on 11 December.
CFATF has cited suspicious high-profile building projects in Guyana and Jamaica where materials and other costs have seemed out of kilter with local markets, bargain prices on potatoes and other food imports in Trinidad and cash purchases of expensive properties in some of the smaller islands, as means to this criminal end.
Following the CFATF designation, over the last two years the Belizean government dramatically increased its efforts to strengthen its national AML/CFT regime.
Bermuda fared better than its rival, the Cayman Islands, which served as president of the CFATF sessions.
144) In fact, the Bahamas, a charter member of the CFATF, (145) maintains that its banking industry "is determined in its efforts to eliminate the problem [of money laundering].
Some of these organizations are APG (Asia/Pacific Group on Money Laundering), CFATF (Caribbean Financial Action Task Force), ESAAMLG (Eastern and Southern Africa Anti-Money Laundering Group), GAFISUD (Financial Action Task Force for South America), the MONEYVAL Committee of the Council of Europe, and the OGBS (Offshore Group of Banking Supervisors) (www1.
The full evaluation report was due to be published on the CFATF Web site on Dec.
Although the country has criminalised money laundering under the 2002 Act Criminalising Money Laundering, which says all crimes can be predicate offences, there are weaknesses in this legislative safety net said CFATF.