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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
May 11, 2024 – Mother’s Day has a rich history that dates back to ancient times when Greeks and Romans held festivals to honor mother goddesses. However, the modern Mother’s Day as we know it originated in the early 20th century.
The official Mother’s Day holiday in the United States was first proposed by Anna Jarvis in 1905, as a way to honor her own mother
who had passed away.
Her efforts led to the first Mother’s Day celebration in 1908, organized by her at a church in West Virginia. The holiday gained popularity quickly, and in 1914, President Woodrow Wilson signed a proclamation designating the second Sunday in May as Mother’s Day, a national holiday to honor mothers.
Since then, Mother’s Day has become a widely celebrated occasion around the world, with people expressing their love and appreciation for their mothers and mother figures through gifts, cards, and special gestures.
Mother’s Day is celebrated in various countries around the world, although the dates and traditions may differ. Among the many marking the celebration of mothers is the United States, Nigeria and United Kingdom (which had Mother’s Day in March), Canada, Australia, India, Mexico (marked Friday May 10), Brazil, Japan, South Africa and France (later this month May 26). These are just a few examples, as Mother’s Day is observed in many other countries as well, each with its own customs and traditions for honoring mothers and motherhood.
In the Caribbean, Mother’s Day is also marked with vim and vigor and reverence.
When you talk about island nations like Jamaica, Trinidad and Tobago, Barbados, Turks and Caicos Islands and The Bahamas, among others, all observe Mother’s Day with celebrations that often include special church services, family gatherings, and the giving of gifts and cards to honor mothers and mother figures.
Traditional foods and music may also be part of the festivities staged in the neighbourhood or huge family groups will flock to their favourite dining spots for brunch.
It is not unusual to see Mother’s Day concerts, national awards ceremonies and luncheons making it a striking and joyous occasion for families eager to show appreciation for the important women in their lives.
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