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CFATF Working Hard To Combat Money Laundering

by Amanda Banks, Tax-News.com, London

26 February 2003


Caribbean Financial Action Task Force (CFATF) members are highly committed to supporting the international fight against money laundering and terrorist financing, according to CFATF executive director, Calvin Wilson.

To this end, Mr Wilson announced recently, the CFATF, in conjunction with the Inter-American Development Bank, and the governments of Costa Rica, the Dominican Republic, Panama, and Venezuela is preparing to spend around US$100,000 on training front-line finance industry officials from the public and private sectors in the latest anti-money laundering techniques.

According to a report in the Barbados Advocate on Monday, it is hoped that once initial training is complete, the courses can be replicated domestically by each country involved in the initiative.

'Money launderers have a powerful incentive to attempt to circumvent anti-money laundering controls, and therefore there is a need to continually provide updated training in monitoring and detecting to respond to the challenges facing banks,' the Advocate quoted Mr Wilson as observing.

He went on to add that the programme will also provide regional banking regulators with the opportunity to share experiences of how to maintain the integrity of anti-money laundering systems.

TAGS: Curaçao

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