Financial Crime World

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Haiti Sees Regulatory Updates for Financial Institutions

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The Haitian government has recently issued a series of updates to its regulatory framework for financial institutions, aimed at strengthening the country’s financial sector and ensuring compliance with international standards.

Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) Regulations

According to a notice published by HM Treasury on December 11, 2023, the Haitian authorities have taken steps to designate certain individuals and entities as “designated persons” under the country’s AML/CFT laws. The notice identifies these designated persons and provides details on their suspected involvement in money laundering or terrorist financing activities.

Revised AML/CFT Regulations

In a separate notice dated October 23, 2023, HM Treasury announced that Haiti has revised its AML/CFT regulations to include new requirements for financial institutions, including:

  • Enhanced customer due diligence
  • Monitoring of transactions
  • Reporting of suspicious activity

The revisions aim to improve the country’s ability to detect and prevent money laundering and terrorist financing.

Strengthening AML/CFT Regime

Another notice published on December 28, 2022, highlighted Haiti’s efforts to strengthen its AML/CFT regime by establishing a new financial intelligence unit responsible for:

  • Collecting and analyzing data on suspicious transactions
  • Providing training and technical assistance to financial institutions to enhance their AML/CFT capabilities

FATF Recommendations

The regulatory updates come as part of Haiti’s commitment to implementing the Financial Action Task Force (FATF) recommendations, which aim to prevent the misuse of its financial system for criminal activities. The country has made significant progress in recent years in strengthening its AML/CFT regime and improving cooperation with international partners.

Compliance Requirements

Financial institutions operating in Haiti are advised to review the regulatory updates and ensure compliance with the new requirements. Failure to comply may result in penalties, fines, or even loss of licenses.

For more information on the regulatory updates, please refer to HM Treasury’s notices and publications available online.