Financial Crime World

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Haiti Faces Scrutiny Over Banking Regulations Compliance

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The Caribbean Financial Action Task Force (CFATF) has raised concerns over Haiti’s compliance with international standards for anti-money laundering and combating the financing of terrorism (AML/CFT). The CFATF, an organization comprising 27 jurisdictions in the Caribbean Basin Region, aims to protect the global financial system from money laundering and terrorist financing risks.

Background

According to a recent statement published by the CFATF, Haiti was visited by a high-level mission in April 2015. Following this visit, Haiti was given until November 2015 to demonstrate progress on non-legislative measures. While some progress was made, including providing training to financial institutions and law enforcement agencies, Haiti has failed to make sufficient strides in addressing its significant strategic AML/CFT deficiencies.

CFATF’s Demands

The CFATF has called upon Haiti to take specific steps by November 2016 to address these deficiencies. If no progress is made, the organization may consider identifying Haiti as not taking sufficient steps to combat money laundering and terrorist financing. This could lead to countermeasures being taken by member countries to protect their financial systems from the ongoing risks emanating from Haiti.

Suriname’s Progress

The CFATF has also praised Suriname for making significant progress in improving its AML/CFT regime. Suriname has established a legal and regulatory framework to meet its commitments under an agreed Action Plan. The organization is working with Suriname to ensure that its reform process is completed by addressing remaining deficiencies.

Consequences

This development highlights the importance of banking regulations compliance in Haiti, particularly in light of the country’s ongoing efforts to rebuild its economy after natural disasters and political unrest. Failure to comply with international standards could have significant consequences for the global financial system and undermine trust in Haitian financial institutions.

Key Takeaways

  • Haiti has failed to make sufficient progress in addressing its AML/CFT deficiencies.
  • The CFATF has called upon Haiti to take specific steps by November 2016 to address these deficiencies.
  • Failure to comply with international standards could have significant consequences for the global financial system.