Haiti Passes Law to Sanction Money Laundering and Terrorist Financing, Avoids Trade Sanctions

A Major Step Forward in Fighting Financial Crimes

In a significant development, Haitian President Michel Martelly has officially promulgated a law requiring all financial institutions, companies, economic enterprises, non-financial organizations, social clubs, professional associations, religious groups, humanitarian organizations, and international bodies to report all cash transactions. The law was passed on November 11, 2013, with nine votes in favor, three against, and three abstentions.

A Long-Standing Issue Resolved

The passage of this law has been a long-standing issue in Haiti, with some lawmakers expressing strong opposition to the bill. In fact, Deputy Arnel Belizaire was so upset that he broke his desk in frustration. However, despite the initial resistance, the law ultimately passed and is expected to prevent trade sanctions for not having a law on money laundering and terrorist financing.

The Impact of the Law

The new law has far-reaching implications for businesses and organizations operating in Haiti, and will likely lead to greater transparency and accountability in financial transactions. With this law in place, Haiti can now avoid trade sanctions and maintain its international reputation as a responsible member of the global community.

A Testament to International Cooperation and Good Governance

The passage of this law has been hailed as a major step forward in fighting financial crimes and preventing terrorist financing. It is also seen as a testament to the country’s commitment to international cooperation and good governance. Some have even credited “Mr. Blan” with helping to bring about a consensus on the importance of the law.

Key Highlights

• The new law requires all financial institutions, companies, economic enterprises, non-financial organizations, social clubs, professional associations, religious groups, humanitarian organizations, and international bodies to report all cash transactions.
• The law was passed with nine votes in favor, three against, and three abstentions.
• The passage of the law is expected to prevent trade sanctions for not having a law on money laundering and terrorist financing.
• Haiti can now avoid trade sanctions and maintain its international reputation as a responsible member of the global community.