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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