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. "Although legally strong and endowed with extensive powers, the FIU does not use them efficiently." It said the collection of additional information should become more "structural and systemic"; and there is a serious lack of capacity, with the FIU being "under-resourced, both in human and financial terms ...
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.
He continued: "It was pleasing to be able to attend the CFATF Council meeting where the report on Bermuda was adopted and her approach praised and endorsed." Among others, Russia, Lichtenstein, and Panama failed the FATF test, as did the Philippines.
Hence, FATF has worked with other international organizations such as CFATF, the Council of Europe, and the Offshore Group of Banking Supervisors (OGBS) to develop countermeasures.(58)
The following fellow organisations also attend its meetings: FATF; the Financial Action Task Force of the Caribbean (CFATF) and the Organization of American States, through the Inter-American Commission against Drug Abuse (CICAD).
The Trinidad-based Caribbean Financial Action Task Force, (CFATF), the regional institution established to develop and monitor standards for the international financial sector in the region, said Grenada, Guatemala and St.
The Bahamas is a member of the CFATF, a FATF-style regional body.
It was there agreed to recommend to governments "a plan of action for a coordinated hemispheric response to combat money laundering." This meeting agreed that member governments should include in their definition of money laundering "as predicate offenses, in addition to drug-trafficking, other 'serious offences, (defined here as crimes punishable by a prison term exceeding six months), and that countries should implement the CICAD model regulations and the members of both FATF and the Caribbean Financial Action Task Force (CFATF) should implement the 40 recommendations and the 19 recommendations, respectively."
of the Trinidad-based Caribbean Financial Action Task (CFATF) said the decision to remove St.