CFATFCaribbean Financial Action Task Force
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So the performance of the preventive system is disappointing and clearly raises an issue of effectiveness," said CFATF.
The full evaluation report was due to be published on the CFATF Web site on Dec.
As a complement to the FATF's Forty Recommendations, the CFATF composed nineteen recommendations to combat the problem of money laundering in the Caribbean.
Bermuda fared better than its rival, the Cayman Islands, which served as president of the CFATF sessions.
61) CFATF finalized mutual evaluation reports of the Cayman Islands and Trinidad & Tobago, and planned six evaluation visits for 1997.
Bunting outlined that these sanctions could include: a public statement issued by the CFATF reflecting that Jamaica is insufficiently compliant; suspension from the CFATF; or termination of membership for default.
However, since June 2003, CFATF members have had to comply with the main global FATF's 40 recommendations, which superceded the Aruba principles, and the task force is committed to helping its member governments achieve these legal and operational anti-money laundering standards.
Belize is a member of the CFATF, a FATF-style regional body.
Executive Director of the Caribbean Financial Action Task Force (CFATF), Calvin Wilson, said the "guesstimate" making the rounds these days is that up to US$500 million in illegal funds floats through the Caribbean on a yearly basis, with CFATF continuing work to find more precise measures of the phenomenon and to determine emerging, new moda operandi.
The BVI is a member of the CFATF, a FATF-style regional body.
The CFATF and other international initiatives Much of the progress since the 1990s can be attributed to the work of the Caribbean Financial Action Task Force (CFATF), established as a result of meetings held in 1990 in Aruba and 1992 in Jamaica, with a declaration of principles - the Kingston declaration - endorsing the FATF 40 recommendations and key international agreements.
The Cayman Islands is a member of the CFATF, a FATF-style regional body.