Haiti’s Due Diligence in Finance Under Scrutiny

Recent Assessment Reveals Areas of Improvement and Non-Compliance

The Financial Action Task Force (FATF) has released a report evaluating Haiti’s progress on implementing its technical requirements for combating money laundering and terrorist financing. The assessment found that Haiti is partially compliant with several key recommendations related to due diligence in finance.

Key Findings

• Haiti was found to be non-compliant with certain standards related to:
  • Non-profit organizations
  • Beneficial ownership
  • Regulation and supervision of financial institutions
• The country was deemed largely compliant with efforts in implementing targeted financial sanctions related to terrorism and terrorist financing, as well as cooperation and coordination with other countries in addressing money laundering and terrorist financing.

Areas for Improvement

• Haiti’s performance fell short of expectations in several areas, including:
  • Transparency and beneficial ownership of legal persons and arrangements
  • Regulation and supervision of designated non-financial businesses and professions (DNFBPs)
• The assessment highlighted the importance of continued cooperation between Haiti’s financial institutions, law enforcement agencies, and supervisory bodies to effectively combat money laundering and terrorist financing.

Conclusion

While Haiti has made some progress in implementing due diligence measures, there is still much work to be done to bring its financial system into line with international standards. The country must continue to address the areas of non-compliance identified by the FATF to ensure a safe and stable financial environment.