St Kitts And Nevis Financial Action Task Force Reconvenes
St. Kitts and Nevis, which undergoes its second mutual assessment by the Caribbean
Financial Action Task Force (CFATF) in September, has reconvened meetings of the
Local Financial Task Force.
The Federation’s Financial Secretary, Janet Harris stated that the assessment
will be carried out in September this year, and revealed that the local committee has been
mandated to analyze and review the Federation’s legal, regulatory and
enforcement frameworks where Anti-Money Laundering (AML) and the Counter Financing
of Terrorism (CFT) are concerned. The Task Force was first established to address deficiencies within the Federation’s
AML/CFT regime, which led to its blacklisting. The body is comprised of key
officials in the Federal Government and the Nevis Island Administration, whose
departments play a major role in detecting and deterring money laundering and
terrorist financing. In an effort to prepare the Federation for its upcoming assessment, task force
members were recently trained to be Mutual Evaluation Examiners by the CFATF.
“The training of these individuals will place the Federation in the advantageous
position of being able to determine how to effectively implement a proper AML/CFT
legal, regulatory and enforcement regime as well as to determine what systems
need to be improved in order to obtain “compliant” ratings from
examiners when our AML/CFT framework is measured against the FATF’s 40
plus 9 recommendations,” observed Mrs Harris. The Local Task Force has embarked on an aggressive public awareness campaign
to sensitise all stakeholders including the general public. The Financial Secretary concluded by announcing that that the Federal Government is soliciting the
support of all in its efforts to comply with international standards, in order
to ensure that its financial systems are not at risk where money laundering
and terrorist financing are concerned. .
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