Financial Crime World

Haiti Ranked Highest Risk of Money Laundering and Terrorist Financing in Latin America and Worldwide

Alarming Levels of Risk

A recent report by the Basel AML Index has ranked Haiti as the highest risk of money laundering and terrorist financing country in Latin America and globally, with a score of 8.25 in 2023. The country’s risk index score has been steadily increasing since 2018, reaching alarming levels between 2018 and 2021.

What is the Basel AML Index?

The Basel AML Index is a comprehensive indicator that combines 16 different metrics to measure the level of money laundering and terrorist financing risk in various countries. These indicators include:

  • Corruption
  • Financial standards
  • Political disclosure
  • Rule of law
  • And others

The index draws data from reputable sources such as:

  • The Financial Action Task Force (FATF)
  • Transparency International
  • The World Bank
  • The World Economic Forum

Consequences of High Ranking

According to experts, the high ranking is a red flag for financial institutions and governments, signaling a heightened risk of criminal activity and terrorism financing. “The increasing risk of money laundering and terrorist financing in Haiti demands immediate attention from authorities and financial stakeholders,” said a spokesperson for the Basel AML Index. “It’s crucial that measures are taken to strengthen financial regulations and enforcement to mitigate these risks.”

Call to Action

Financial institutions and governments must take immediate action to address the high levels of risk in Haiti. This includes:

  • Strengthening financial regulations
  • Enhancing enforcement mechanisms
  • Improving transparency and accountability
  • Increasing cooperation between countries and international organizations

By taking prompt and effective measures, we can mitigate the risks of money laundering and terrorist financing in Haiti and prevent further harm to individuals, communities, and economies.