Regional financial institutions urged to protect their systems from Haiti

Friday, March 31, 2017

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ST GEORGE’S, Grenada (CMC) — Caribbean financial institutions are being urged to protect their systems against ongoing money laundering and terrorist financing risks emanating from the French-speaking Caribbean Community (CARICOM) country, Haiti.
Chairman of the Anti-Money Laundering and Combating Terrorism Financing Commission (AML/CTF), Cajeton Hood, in a statement said the Caribbean Financial Action Task Force (CFATF) has identified that “have strategic deficiencies and can pose a threat to the International Financial Sector”.
Hood, who is also the Attorney General in Grenada, said jurisdictions with strategic AML/CFT deficiencies that have not made sufficient progress in addressing their deficiencies or have not complied with their action plans developed with the CFATF to address these deficiencies fall into this category.
“In this regard, CFATF has called on all members to protect their financial systems against ongoing money laundering and terrorist financing risks emanating from Haiti,” the statement said.
Hood said as a result, Grenada is calling on all financial institutions including credit unions and insurance companies as well as real estate agents ‘to exercise caution to protect the financial system of Grenada by ensuring that they are not compromised from ongoing money laundering and terrorist financial risks when handling business transactions with individuals or organisations or when establishing new and continuing business relationships emanating from Haiti”.
Hood warned that failure to comply with the measures “may constitute an offence which is liable to be prosecuted under the provisions of the proceeds of Crime Act”.

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