Financial Crime World

Haiti Works to Enhance Banking Regulations Against Financial Crime

Strengthening Regulations to Combat Financial Crime

Port-au-Prince, Haiti - The Haitian government has been working to strengthen its banking regulations in a bid to combat financial crime and money laundering. According to recent reports, Haiti’s technical compliance with the Financial Action Task Force (FATF) Recommendations has improved significantly.

Progress Made in Implementing Measures Against Financial Crime

  • Haiti has assessed risk and applied a risk-based approach to combating money laundering and terrorist financing.
  • The country has established effective national cooperation and coordination mechanisms among its law enforcement agencies and financial institutions.
  • Measures have been implemented to prevent the misuse of company vehicles for financial crime.
  • Haiti has introduced measures aimed at preventing the misuse of company vehicles for financial crime.
  • A system has been implemented for confiscating proceeds from criminal activities and freezing assets linked to terrorism and terrorist financing.

Areas Requiring Attention

  • Regulation and supervision of non-profit organizations remains inadequate.
  • Transparency and beneficial ownership of legal persons and arrangements require improvement.
  • The country’s powers of supervisors need to be strengthened to ensure effective oversight of financial institutions.

Collaboration with International Partners and Improving Financial Intelligence

  • Haitian authorities are working with international partners to strengthen their financial intelligence units and improve cooperation with foreign authorities.
  • Measures are being implemented to prevent the misuse of cash couriers and improve statistics on financial crime.

Conclusion

Haiti’s efforts to enhance its banking regulations against financial crime are a step in the right direction. However, there is still much work to be done to ensure that the country’s financial system is robust and resilient to financial crimes.