Financial Crime World

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Haiti Fails to Meet International AML Standards, Ratings Show

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Mixed Picture of Compliance Revealed by FATF Report

Port-au-Prince, Haiti - The Financial Action Task Force (FATF) has released its latest report on Haiti’s Anti-Money Laundering (AML) regulations, revealing a mixed picture of compliance. According to the report, Haiti has made some progress in implementing AML requirements, but still falls short in several key areas.

FATF Rating System

The FATF rating system categorizes countries as:

  • Compliant (C)
  • Largely compliant (LC)
  • Partially compliant (PC)
  • Non-compliant (NC)

Based on the report, Haiti received a PC rating for several requirements, including:

  • Confiscation and provisional measures
  • Terrorist financing offence
  • Targeted financial sanctions related to terrorism and terrorist financing
  • Cash couriers

However, Haiti also received NC ratings for several key areas, including:

  • Transparency and beneficial ownership of legal persons and arrangements
  • Regulation and supervision of DNFBPs (Designated Non-Financial Businesses and Professions)
  • Mutual legal assistance: freezing and confiscation

Concerns Raised Among International Financial Institutions and Governments

These deficiencies have raised concerns among international financial institutions and governments, highlighting the need for Haiti to strengthen its AML regime to prevent money laundering and terrorist financing.

Government Urged to Implement Stricter Regulations and Enforcement Measures

The report urges the government to implement stricter regulations and enforcement measures to address these issues.

Finance Minister’s Optimistic Outlook

Despite these challenges, Haiti’s finance minister, Jean-Chrisostome Wongo Gideon, expressed optimism about the country’s progress. “We are committed to improving our AML regulations and working with international partners to combat money laundering and terrorist financing,” he said.

FATF Report: A Biennial Assessment

The FATF report is a biennial assessment of Haiti’s AML regime and serves as a benchmark for the country’s compliance with international standards. The report will be used to guide Haiti’s efforts to improve its AML regulations and prevent financial crimes.