Here is the rewritten article in Markdown format:
Haiti’s Financial Sector Scores High on AML/CFT Best Practices, But Room for Improvement Remains
The latest assessment by international financial watchdogs has revealed that Haiti’s efforts to combat money laundering and terrorist financing (AML/CFT) have yielded positive results. The country received high ratings in both technical compliance and effectiveness, with a few areas identified for improvement.
Technical Compliance
Haiti scored “LC” - largely compliant - indicating that it has implemented most of the required measures to prevent the misuse of its financial system. However, some minor discrepancies remain, which Haitian authorities are working to address.
Effectiveness
The assessment also evaluated the effectiveness of Haiti’s AML/CFT measures, using 11 key outcomes as benchmarks. The country scored “SE” - substantial level of effectiveness - in this category, indicating that its anti-money laundering and counter-terrorist financing efforts have achieved significant results. Haitian authorities have implemented a range of measures to strengthen financial sector oversight, enhance customer due diligence, and improve international cooperation.
Areas for Improvement
Despite these positive developments, the assessment highlighted several areas where Haiti can improve its AML/CFT framework. These include:
- Enhancing the effectiveness of its sanctions regime
- Strengthening the supervision of non-financial businesses and professions
- Improving public awareness campaigns to prevent money laundering and terrorist financing
Commitment to Improvement
The Haitian government has pledged to address these issues and strengthen its AML/CFT regime further. The country’s financial sector regulator, the Commission Bancaire de Réserve du Québec (CBR), is working closely with international partners and domestic stakeholders to implement the necessary reforms.
Future Expectations
As Haiti continues to work towards improving its AML/CFT framework, it is expected that the country will receive further recognition for its efforts. In the meantime, Haitian authorities remain committed to upholding the highest standards of financial integrity and protecting the country’s financial system from illicit activities.