Caribbean Financial Task Force Calls for Improved AML/CFT Compliance in Haiti

A Public Statement Urging Immediate Action

The Caribbean Financial Action Task Force (CFATF) has issued a public statement, urging the government of Haiti to take specific steps to address its significant strategic anti-money laundering and combating the financing of terrorism (AML/CFT) deficiencies. The CFATF, an organization comprising 27 jurisdictions in the Caribbean Basin Region, has identified several countries with strategic AML/CFT deficiencies that pose a risk to the international financial system.

Haiti’s Progress Report

According to the statement, Haiti was visited by a High Level Mission (HLM) in April 2015 and subsequently received a letter from the CFATF Chair in September 2015 outlining the country’s progress. Although Haiti demonstrated some progress on non-legislative measures, it has failed to make sufficient progress in addressing its significant strategic AML/CFT deficiencies, including certain legislative reforms.

CFATF’s Demands

The CFATF is calling upon Haiti to take specific steps by November 2016 to address these deficiencies. Failing to do so will result in the country being identified as not taking sufficient steps to address its AML/CFT deficiencies and may lead to counter measures being implemented by its members to protect their financial systems from the ongoing money laundering and terrorist financing risks emanating from Haiti.

Suriname’s Progress

The statement also highlights the progress made by Suriname in improving its AML/CFT regime. The country has established a legal and regulatory framework to meet its commitments in its agreed Action Plan. The CFATF is encouraging Suriname to continue working with it to ensure that its reform process is completed by addressing remaining deficiencies and implementing its Action Plan.

Full Statement Available

The full statement can be downloaded from the CFATF website.