Financial Crime World

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Haiti Faces Scrutiny Over Anti-Money Laundering and Counter-Terrorist Financing Regulations

The Financial Action Task Force (FATF) has placed Haiti under increased monitoring, citing concerns over its anti-money laundering and counter-terrorist financing (AML/CFT) regime. This move comes as the European Union also added the country to its list of high-risk third countries in March 2022.

The Way Forward

As a result, Haiti’s government has committed to working with the FATF and the Caribbean Financial Action Task Force (CFATF) to strengthen its AML/CFT framework. However, according to the FATF’s latest statement, there is still much work to be done.

Strategic Deficiencies

The organization has identified several strategic deficiencies that need to be addressed, including:

  • Completing the money laundering and terrorist financing risk assessment process
  • Disseminating the findings of the risk assessment
  • Facilitating information sharing with foreign counterparts
  • Addressing technical deficiencies in its legal and regulatory framework
  • Implementing risk-based AML/CFT supervision for high-risk financial institutions and non-financial businesses and professions (DNFBPs)
  • Ensuring that basic and beneficial ownership information is maintained and accessible

Improving Financial Intelligence and Other Relevant Information

Haiti needs to improve its use of financial intelligence and other relevant information to combat money laundering and terrorist financing. The country must also:

  • Demonstrate an increase in the identification, tracing, and recovery of proceeds from crimes
  • Address technical deficiencies in its anti-money laundering offence and targeted financial sanctions regime

Risk-Based Monitoring of Non-Profit Organizations (NPOs)

Haiti has been tasked with conducting risk-based monitoring of NPOs vulnerable to terrorist financing abuse without disrupting or discouraging legitimate NPO activities.

Increased Identification, Investigation, and Prosecution of Money Laundering Cases

The country is also expected to demonstrate an increase in the identification, investigation, and prosecution of money laundering cases consistent with its risk profile.

Technical Assistance from EU Global Facility on AML/CFT

In recent months, the EU Global Facility on AML/CFT has started discussions with Haitian authorities to provide technical assistance on a strategic approach and technical assistance coordination committee mentoring. This move is aimed at helping Haiti address its AML/CFT deficiencies and bring its regulations in line with international standards.

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