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US tells Caribbean to seriously tackle money laundering

Tuesday, January 23, 2018

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GEORGETOWN, Guyana (CMC) — The United States Ambassador to Guyana Perry Holloway yesterday urged Caribbean countries to seriously tackle the issue of money laundering in the region.

Addressing the Caribbean Financial Action Task Force (CFATF) assessors training workshop here, Holloway said regional governments must act now to ensure financial institutions are protected from criminal elements.

In a brief address to the opening ceremony, he urged the regional countries to ensure prosecution of financial crimes through compliance with local laws and regulations.

The diplomat said that there will always be a need to properly enforce those laws and regulations that addresses financial crimes and make them better, and committed Washington's support for the efforts of these countries.

At least 53 delegates from Canada, Jamaica, Turks and Caicos, Belize and Guyana are participating in the workshop aimed at equipping them with the tools and competencies needed to undertake an assessment of the technical compliance with the revised FATF (Financial Action Task Force) recommendations, and for reviewing the level of effectiveness of a country's Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) regime.

CFATF deputy director, Dawn Spicer urged the participants to take full advantage of the training sessions over the next few days.

Participants will be introduced to the use of the FATF Methodology which is used to assess a country's technical compliance with the FATF Recommendations, and for reviewing the level of effectiveness of a country's AML/CFT system under the Fourth Round Mutual Evaluations process.

During this fourth round of mutual evaluations, the FATF has adopted complementary approaches for assessing technical compliance with the FATF Recommendations, and for assessing the level of effectiveness of a country's AML/CFT regime.

The training will include exercises on the use of the FATF Methodology for assessing technical compliance with the FATF Recommendations and the effective of AML/CFT systems, and how to conduct the assessment.

It will conclude with a mock evaluation to test participants' knowledge and understanding of the process of assessing a countrys level of compliance with of the FATF Recommendations, and the level of effectiveness of their AML/CFT programmes.

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