Financial Crime World

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Premier Emphasizes Fight Against Financial Crimes in Montserrat

The Premier of Montserrat has reaffirmed the government’s commitment to combating financial crimes and money laundering in the country. In a recent report, the Financial Services Commission (FSC) highlighted the country’s efforts to strengthen its anti-money laundering and counter-terrorism financing (AML/CFT) framework.

Financial Services Commission’s Role

The FSC serves as the supervisory body responsible for licensing, supervision, and regulation of financial institutions and non-financial businesses and professions. The commission’s AML/CFT supervisory framework consists of six components:

  • Assessment of ML/TF risk
  • Licensing and authorizations
  • Regulation and information
  • Offsite and onsite supervision
  • Enforcement
  • Monitoring and reporting

Threats to Financial Stability

The report identified various threats to Montserrat’s financial stability, including:

  • Fraud
  • Sexual exploitation
  • Human trafficking
  • Tax crimes
  • Drug trafficking

These activities primarily pose a threat from domestic sources, with relatively small values involved.

Efforts to Address Vulnerabilities

The FSC highlighted the country’s efforts to address vulnerabilities in its AML/CFT system, including:

  • Improving intelligence gathering and processing
  • Enhancing the quality of national AML/CFT policy and strategy
  • Increasing capacity and resources for investigation and financial crime prosecutions
  • Addressing sector-specific risks

Sector Assessments

Sector assessments identified the following sectors as being most susceptible to money laundering:

  • Credit union
  • Money service businesses
  • Domestic banks
  • Real estate
  • Legal professionals

The report noted that the Credit Union in Montserrat is subject to prudential and AML/CFT oversight by the FSC and has implemented strict policies regarding large withdrawals.

Government Commitment

The Premier emphasized the government’s commitment to combating financial crimes and improving Montserrat’s AML/CFT framework. “We are dedicated to protecting our financial system from money laundering and other financial crimes,” the Premier said. “We will continue to work with international partners to strengthen our laws and regulations, and provide support for law enforcement agencies to investigate and prosecute these crimes.”

National Campaign

The government has also allocated funds to fight against money laundering and terrorism financing through a national AML/CFT educational campaign and investments in crime-fighting agencies’ equipment and personnel.

Conclusion

Overall, the report highlights Montserrat’s efforts to improve its AML/CFT framework and combat financial crimes. The Premier’s commitment to this effort demonstrates the government’s dedication to protecting the country’s financial stability and integrity.