Financial Crime World

FATF Style Regional Bodies: Equatorial Guinea’s Role in the Global Fight Against Money Laundering through the Caribbean Financial Action Task Force (CFATF)

The Financial Action Task Force (FATF) is a global organization that sets standards and promotes actions to prevent money laundering, terrorist financing, and proliferation financing. FATF’s influence reaches beyond its borders through its network of 41 regional bodies known as FATF-Style Regional Bodies (FSRBs). One of these, the Caribbean Financial Action Task Force (CFATF), plays a pivotal role in addressing financial crimes in the Caribbean region.

About CFATF

  • Focus: Countering money laundering and terrorism financing in the Caribbean Basin
  • Members: 33 members, including Equatorial Guinea
  • Established: 1996, following international conferences in Aruba (1990) and Jamaica (1992)

Functions of CFATF

CFATF performs the following tasks:

  1. Mutual evaluation and peer review: Assessing members’ implementation of FATF’s 40 recommendations
  2. Regional typology studies: Examining region-specific money laundering, terrorism financing, and proliferation financing activities
  3. Dissemination of best practices: Sharing AML/CFT capabilities among legal, governmental, regulatory, private, and public enterprises
  4. Digital assets era support: Guiding regional countries on navigating the digital assets era, including central digital currencies, digital assets, and cryptocurrencies

CFATF’s Mission and Equatorial Guinea’s Role

Equatorial Guinea’s Commitment

Equatorial Guinea, a member of CFATF, is dedicated to implementing FATF recommendations and fostering regional cooperation through this organization.

Regular Mutual Evaluations

Equatorial Guinea undergoes regular mutual evaluations to ensure its AML/CFT framework remains effective and relevant.

CFATF Membership and Collaboration

Members

CFATF’s membership includes:

  • Caribbean countries and territories
  • Cooperating and Supporting Nations (COSUNs) from European and North American countries
  • Observer jurisdictions

Strengthening CFATF’s Capacity

Collaborating with these entities strengthens CFATF’s capacity to address money laundering, terrorist financing, and proliferation financing issues effectively.