Financial Crime World

Here is the rewritten article in Markdown format:

Haiti’s Financial Action Task Force (FATF) Efforts Face Scrutiny Amid Concerns Over Technical Compliance

The Financial Action Task Force (FATF), an intergovernmental organization responsible for setting global standards on anti-money laundering and combating the financing of terrorism, has released its technical compliance report for Haiti. The report reveals a mixed bag of progress in implementing the FATF Recommendations.

Highlights from the Report

  • Haiti received ratings ranging from “compliant” to “non-compliant” across various areas.
  • The country scored high marks in implementing measures related to:
    • National cooperation and coordination (R.2)
    • Money laundering offense (R.3)
    • Financial institution secrecy laws (R.9)
  • However, Haiti fell short in areas such as:
    • Non-profit organizations (R.8)
    • New technologies (R.15)
    • Transparency and beneficial ownership of legal persons and arrangements (R.24 and R.25)

Progress and Challenges

  • The report highlighted Haiti’s progress in implementing measures to prevent the misuse of financial institutions for:
    • Terrorist financing (R.5)
    • Proliferation (R.7)
  • It also commended the country’s efforts in establishing a financial intelligence unit (R.29) and providing powers to supervisors (R.27) and law enforcement agencies (R.31).
  • However, Haiti was found to be non-compliant in several areas, including:
    • Regulation and supervision of non-financial businesses and professions (DNFBPs), particularly with regards to customer due diligence (R.22)
    • Preventing the misuse of cash couriers (R.32)
    • Providing guidance and feedback to financial institutions (R.34)

Roadmap for Improvement

  • The FATF report is seen as a key indicator of Haiti’s progress in combating money laundering and terrorist financing.
  • The country’s financial sector has faced numerous challenges, including corruption and a lack of resources, which have hindered its efforts to implement effective anti-money laundering measures.
  • Haiti’s authorities are expected to use the report as a roadmap for improving their compliance with FATF Recommendations and enhancing the effectiveness of their anti-money laundering regime.