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Premier Pledges to Strengthen AML/CFT Framework Amidst Rising Money Laundering Risks
Montserrat’s Premier has made a commitment to strengthen the island’s Anti-Money Laundering and Combating Financing of Terrorism (AML/CFT) framework in response to rising money laundering risks.
Increasing Threats to Montserrat’s Financial System
According to the latest National Risk Assessment 2023, Montserrat faces significant risks from domestic sources, including:
- Fraudulent activities
- Sexual exploitation of children
- Human trafficking
- Tax crimes
- Drug trafficking
The assessment also highlighted vulnerabilities in intelligence gathering and processing, as well as the lack of a national AML/CFT strategy.
Measures to Strengthen AML/CFT Framework
To address these concerns, the Premier has committed to implementing measures to improve Montserrat’s AML/CFT systems and ensure compliance with international standards. These efforts include:
- Development of new policies and procedures for intelligence gathering and sharing
- Recruitment of new tax experts
- Improving the Financial Services Commission (FSC) role in licensing, supervising, and regulating financial institutions and non-financial businesses and professionals
Role of Key Stakeholders
The FSC will play a crucial role in strengthening Montserrat’s AML/CFT framework. The Office of the Director of Public Prosecutions (ODPP) has also been working to improve its capacity and resources for investigating and prosecuting money laundering and terrorist financing cases.
Sector-Specific Assessments
Sector-specific assessments have identified the following sectors as most susceptible to money laundering:
- Credit unions
- Money service businesses
- Domestic bank
- Real estate
- Legal professionals
Commitment to Combating Financial Crimes
The Premier emphasized the importance of a secure and transparent financial system, stating: “We are committed to ensuring that Montserrat’s financial system is secure and transparent. We will continue to work with our partners and stakeholders to strengthen our AML/CFT framework and prevent money laundering and terrorist financing.”
Upcoming CFATF Meeting
Montserrat is set to host a high-level meeting of the Caribbean Financial Action Task Force (CFATF) later this year, bringing together financial experts and officials from across the region to discuss best practices in combating money laundering and terrorist financing.
Support for NAMLAC
In related news, Governor [Last Name] has dispatched a joint memorandum to all authorities encouraging continued support and commitment to the work of CFATF. Both the Governor and the Premier are members of NAMLAC, a regional organization dedicated to promoting cooperation and coordination in the fight against financial crimes.