Providenciales, TCI, November 8, 2016 – This week, the Turks and Caicos Islands hosts for the first time, the Caribbean Financial Action Task Force (CFATF) XLIV Plenary and Working Groups Meetings at the Tropicana Plaza, Providenciales from 7-10 November 2016.
By way of background, the Turks and Caicos Islands was unanimously elected as Deputy Chair of the CFATF, the premier Anti-money laundering and combating terrorism financing regional compliance body, at its XLII Plenary in Port of Spain, Trinidad and Tobago on 24th November 2015. Hon. Attorney General Rhondalee Braithwaite Knowles holds that position as Attorney General and Prime Contact of the Turks and Caicos Islands.
That election leads to the Turks and Caicos Islands becoming the Chair of the CFATF during this week’s Plenary hosted by the Turks and Caicos Islands on Providenciales. The current chair of the CFATF is Trinidad and Tobago and that position is held by Trinidad and Tobago’s Attorney General Hon. Faris Al Rawi.
The CFATF is an FATF-style inter-governmental regional body for the Caribbean which plays a critical role in promoting compliance through monitoring and evaluating member states in an effort to achieve compliance with the FATF Recommendations. The FATF is the premier global inter-governmental organization that sets the standards for preventing money laundering, combating terrorist financing and the financing of weapons proliferation (AML/CFT). Globally 180 jurisdictions have joined the FATF and FATF-style bodies.
Compliance with the FATF internationally endorse standards protect the integrity of the global financial system by increasing the transparency of the financial system (making it easier to detect criminal activity) and give countries the capacity to successfully take action against money launderers and terrorist financiers.
The benefits of compliance with the FATF standards include –
1) securing a more transparent and stable financial system that is more attractive to foreign investors
2) ensuring that financial institutions are not vulnerable to infiltration or abuse by organized crime groups
3) building the capacity to fight terrorism and trace terrorist money
4) meeting binding international obligations and avoid the risk of sanctions or other actions by the international community
5) avoIding becoming a haven for criminals
The CFATF comprises 26 countries from South and Central America and the Caribbean, with a total population of approximately 80 million persons. These countries include Jamaica, the Bahamas, Venezuela, Bermuda, the Virgin Islands, Belize and the Cayman Islands.
The Turks and Caicos Islands was last evaluated by the CFATF in 2008 and will be assessed again under the new FATF standards as to the effective implementation of the AML/CFT public sector and private sector systems in the first half of 2017. Work has begun on the completion of a National Risk Assessment within the Turks and Caicos Islands with public and private sector participation.
This week’s meetings will primarily deal with the recent evaluation of Jamaica. About 175 delegates from regional governments and public bodies charged with monitoring compliance with AML/CFT matters have travelled to Providenciales to attend the Plenary and related meetings and events hosted by the Attorney General’s Chambers partnering with the Ministry of Finance, the Customs department, the Ministry of Tourism, the Office of the Director of Public Prosecutions, the Financial Intelligence Agency, the Financial Services Commission, the Financial Industry Association, the Bar Council and the British Caribbean Bank.
The Plenary and meetings are held in closed sessions and are only open to registered delegates, however, there will be an Opening Ceremony open to invited guests and the media scheduled for 9am – 9:45am on Wednesday November 9, 2016 at the Tropicana, the Bight, Providenciales.
Braithwaite Knowles said; “It is an honour to accept the Chairmanship of the CFATF on behalf of the Turks and Caicos Islands. This demonstrates the commitment and capacity of the Turks and Caicos Islands to transparency in our financial systems and to playing a key leadership role in regional efforts to achieve compliance with these important standards.”
For further information, please contact by email: twilliams@gov.tc
