Here is the article in markdown format:
The Financial Intelligence Unit: Strengthening International Cooperation
Regional Collaboration: Egmont Group and CARICOM
In an effort to enhance communication between the Egmont Group and its members, the Director of the Financial Intelligence Unit (FIU) held a meeting with the Regional Group Coordinator in July 2020. This collaboration is essential for sharing best practices and combating money laundering and terrorist financing across the region.
Strengthening Collaboration with CARIFTA
The FIU participated in a meeting of the CARICOM Regional Organization for Standards and Trade Adjustment (CARIFTA) on October 22, 2020. CARIFTA is a trade agreement between several Caribbean countries, including Antigua and Barbuda, the Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Haiti, Jamaica, Montserrat, St Kitts and Nevis, St Lucia, St Vincent and the Grenadines, Suriname, and Trinidad and Tobago.
Key Objectives:
- To understand the scope of the CARIFTA agreement
- To identify potential impacts on combating money laundering and terrorist financing in the region
Collaboration with CFATF: Strengthening AML/CFT Measures
The FIU Bahamas is a member of the Caribbean Financial Action Task Force (CFATF), an international organization that brings together experts from law enforcement, financial regulatory bodies, and other relevant agencies to develop, implement, and enforce policies, regulations, and procedures for combating money laundering and terrorist financing.
Key Objectives:
- To improve the effectiveness of Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) measures within our jurisdiction
- To ensure compliance with international standards for combating money laundering and terrorist financing
Conclusion
The FIU’s collaboration with regional organizations such as CARIFTA and CFATF is essential for strengthening AML/CFT measures in the Caribbean region. By working together, we can improve our collective capacity to combat money laundering and terrorist financing, ultimately protecting our communities and economies from these threats.