Haiti Faces Scrutiny Over Anti-Terrorism Financing Regulations
FATF Lists Haiti as Jurisdiction Under Increased Monitoring
In 2021, the Financial Action Task Force (FATF) officially listed Haiti as a jurisdiction under increased monitoring. The European Union followed suit just last March, adding the Caribbean nation to its list of high-risk third countries.
Implications for Haiti’s Anti-Money Laundering and Counter-Terrorist Financing Regime
The designation comes with significant implications for Haiti’s anti-money laundering and counter-terrorist financing regime. Haiti is required to make a high-level political commitment to work closely with the FATF and the Caribbean Financial Action Task Force (CFATF) to strengthen its effectiveness.
Required Actions by Haitian Authorities
- Complete the money laundering and terrorist financing risk assessment process
- Disseminate the findings of the risk assessment
- Facilitate information sharing with relevant foreign counterparts
- Address technical deficiencies in the legal and regulatory framework that impede the implementation of anti-money laundering and counter-terrorist financing measures
- Ensure basic and beneficial ownership information are maintained and accessible in a timely manner
- Use financial intelligence and other relevant information effectively to combat money laundering and terrorist financing
- Demonstrate an increase in the identification, tracing, and recovery of proceeds of crimes
Technical Assistance from the EU Global Facility on Anti-Money Laundering and Counter-Terrorist Financing
The EU Global Facility on Anti-Money Laundering and Counter-Terrorist Financing has begun discussions with Haiti to provide technical assistance on strategic approach and technical assistance coordination committee mentoring. The goal is to help Haiti develop a more robust anti-terrorism financing regulatory framework that meets international standards.
Future Outlook
As the international community continues to monitor Haiti’s progress, it remains to be seen whether the country will be able to effectively address its anti-money laundering and counter-terrorist financing deficiencies and regain the trust of global financial institutions.