world news
U.S. Department of the Treasury Statement on European Commission List
Washington, February 13, 2019 – U.S.A – Today, the European Commission issued a list of purportedly high-risk jurisdictions “posing significant threats” to the European Union’s financial system as a result of strategic deficiencies in their Anti-Money Laundering and Countering the Financing of Terror (AML/CFT) regimes. The U.S. Department of the Treasury has significant concerns about the substance of the list and the flawed process by which it was developed.
The Financial Action Task Force (FATF) is the global standard-setting body for combating money laundering, terrorist financing, and proliferation financing. The FATF, which includes the United States, the European Commission, 15 EU member states, and 20 other jurisdictions, already develops a list of high-risk jurisdictions with AML/CFT deficiencies as part of a careful and comprehensive process. Because of the FATF’s work, virtually all countries around the world are subject to a rigorous peer-review methodology that examines the legal frameworks to counter illicit finance as well as how effectively jurisdictions implement them. These reviews are an intensive process involving careful review of the legal framework, extensive fact-gathering, and onsite visits in which assessors engage in robust, iterative dialogues with assessed jurisdictions.
The European Commission’s process for developing its list contrasts starkly with FATF’s thorough methodology. First, the Commission’s process did not include a sufficiently in-depth review necessary to conduct an assessment related to such a serious and consequential issue. Second, the Commission provided affected jurisdictions with only a cursory basis for its determination. Third, the Commission notified affected jurisdictions that they would be included on the list only days before issuance. Fourth, the Commission failed to provide affected jurisdictions with any meaningful opportunity to challenge their inclusion or otherwise address issues identified by the Commission. As a result, the European Commission produced a list that diverges from the FATF list without reasonable support.
Beyond our concerns with the listing methodology, the Treasury Department rejects the inclusion of American Samoa, Guam, Puerto Rico, and the U.S. Virgin Islands on the list. The commitments and actions of the United States in implementing the FATF standards extend to all U.S. territories. The same AML/CFT legal framework that applies to the continental United States also generally applies to U.S. territories. Moreover, the Treasury Department was not provided any meaningful opportunity to discuss with the European Commission its basis for including the listed U.S. territories.
The Treasury Department does not expect U.S financial institutions to take the European Commission’s list into account in their AML/CFT policies and procedures.
Release: U.S. Department of the Treasury
Caribbean News
CARICOM sends warning as Oil prices creep higher in the Israel v Iran conflict; 14 regional states import energy
Rashaed Esson
Staff Writer
#UnitedKingdom, April 15, 2024 – Upcoming African Caribbean Diaspora artists are being given the opportunity to live and work at King Charles 18th century Dumfries House in Scotland for three months, to hone their skills, reportedly due to an “artist in residence programme” being launched through King Charles’ charity.
This is an opportune development for aspiring Caribbean artists and comes after a collaboration between the King’s charity, that is the King’s Foundation and Maro Itoje, English rugby player and co-founder of Akjoe Residency, a charity that gives opportunities to artists from Commonwealth countries.
The programme will offer up to eight funded residencies annually and during the artists stay, they will be able to share their artistic views with exhibitions, open studios and talks; this is in line with Itjoe’s view that “art has the…ability to bring communities together.”
Featured in reports, Itoje describes the programme as providing a “haven” for established and upcoming artists, adding that the environment at Dumfries will be conducive to their development.
“They will benefit from being surrounded by the enriching ecosystem that Dumfries House provides as well as being a contributor to the growth of African art worldwide.”
Simon Sadinsky, executive of the King’s Foundation mirrors Itoje’s idea of the environment’s impact, while highlighting additional benefits of the programme saying, “The residencies, each lasting for three months, will give international artists the opportunity to gain inspiration from our beautiful Dumfries House headquarters while also benefiting from access to The King’s Foundation’s wide range of specialist workshops, expertise, and skilled craftspeople.”
Dumfries, used for education and training programmes, is open to the public all year round.
-
News5 days agoDR man rented Jet Ski nine days ago in Providenciales; where is he now?
-
Health5 days agoDengue cases rising in Region
-
TCI News1 day agoExperience Turks and Caicos and Ministry of Tourism explore development of Cruise industry at Seatrade Global Cruise Conference
-
Caribbean News7 days agoCARICOM, UN applauds published decree establishing Haiti’s Transitional Government
-
Caribbean News1 week agoHaiti Gang Firearms more than Police – UN says where they come from.
-
Caribbean News4 days agoCARICOM pushes need for Reparations Tribunal at Forum in Geneva
-
Education4 days agoCampus Brawl at Clement Howell High sends students to Hospital
-
Bahamas News1 week ago$36 Million Dollar Upgrade for World Athletics Relays in Nassau, Bahamas