Anti-Money Laundering Evaluation Of SVG Presented At CFATF Plenary
The most recent plenary meeting of the Caribbean Financial Action Task Force
(CFATF), held earlier this month, examined the Mutual Evaluation Report which
resulted from a peer examination of the financial services sector of St Vincent
and the Grenadines in September 2003. There to respond to the Report on behalf of the SVG authorities were: Louise
Mitchell, Executive Director of IFSA, Sharda Bollers, Director of the FIU, Grenville
John, Comptroller of Customs. and Claude Samuel, IFSA's new Chairman. According to reports, with the exception of expressing concern that the Customs
Department has certain weaknesses in the area of anti-money laundering awareness
and procedures, the results of the evaluation were on the whole extremely positive.
The CFATF members asserted that the "law enforcement agencies on the front
line in the fight against money laundering are doing a commendable job," citing
the FIU and IFSA's exemplary performance, and pointing to a strong political
will to support the anti-money laundering framework. In addition, US delegate Nan Donnells observed that: "SVG has given swift, outstanding assistance, including in the restraining
of significant assets, which led to the forfeiture of these assets. The USA's
intention is to share these assets with SVG. The USA can state that there are
no impediments to cooperation with SVG. Clearly the FIU is functioning very
effectively." A comprehensive report describing the regulatory regime for confidentiality in most key offshore jurisdictions is available in the Tax News Reports Shop at http://www.tax-news.com/reportshop/
|
|
IMPORTANT NOTICE: TAX-NEWS.COM has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments. All materials on this site copyright TAX-NEWS.COM 1999 to 2007. Contact us for further information.