Saturday, October 20, 2012

FATF statement on T&T

The FATF agreed at its Plenary in Paris, France, on Friday 19 October, 2012 to remove Trinidad and Tobago from the list of countries with strategic AML/CFT deficiencies.

The statement is published on the FATF website and is reproduced below:

"The FATF welcomes Trinidad and Tobago’s significant progress in improving its AML/CFT regime and notes that Trinidad and Tobago has established the legal and regulatory framework to meet its commitments in its Action Plan regarding the strategic deficiencies that the FATF had identified in February 2010. 

"Trinidad and Tobago is therefore no longer subject to FATF’s monitoring process under its on-going global AML/CFT compliance process. Trinidad and Tobago will work with CFATF as it continues to address the full range of AML/CFT issues identified in its Mutual Evaluation Report, particularly implementation of the new legislative and regulatory reform in order to more effectively combat illicit finance in Trinidad and Tobago."

The report has been sent to the Minister of National Security from the Ms. Sherene Murray-Bailey, Director, Compliaince who wrote:

"It is with great pride that I now inform you, Hon. Minister that FATF has recognized that significant progress has been made by Trinidad and Tobago in rectifying our AML/CFT deficiencies.

"In fact during the discussion on TT the Executive Director of CFATF proudly indicated that TT had proffered it first money laundering charge since the enactment of the legislation. TT was encouraged by the FATF to press on.

"Earlier today, Friday October 19th 2012, the FATF Plenary agreed that TT should be removed from the list of countries with strategigic AML/CFT deficiencies."

Prime Minister Kamla Persad-Bissessar told Parliament Friday, "The magnitude of our accomplishment as a nation is highlighted in a letter issued today (Friday) to the Hon Minister of National Security from the Executive Director of the CFATF organisation which has jurisdiction over the Caribbean.

The letter is reproduced below:

Port of Spain,
Friday 19th October 2012
The Honourable Jack Warner
Ministry of National Security
Government of Trinidad and Tobago
31 – 33 Abercomby Street,
Port of Spain.

Dear Honourable Minister,

On behalf of Chairman Manuel Gonzalez, all Members of the Caribbean Financial Action Task Force (CFATF) and the staff at the Secretariat, I would like to extend warmest congratulations to you and the Government and people of Trinidad and Tobago on the removal of Trinidad and Tobago from the monitoring process of the Financial Action Task Force (FATF) International Co-operation Review Group (ICRG) Initiative.

This sterling achievement must be commended as a testimony of the commitment at the highest political levels in Trinidad and Tobago, to ensure that the Anti Money Laundering and Combating the Financing of Terrorism architecture is strong and is being effectively implemented in keeping with international best practices.

I trust that Trinidad and Tobago will continue to work with both the FATF and the CFATF with a view to rectifying all outstanding deficiencies in its Mutual Evaluation Report as expeditiously as possible so that it can be well placed to be assessed under the Fourth Round of the CFATF Mutual Evaluation Programme.

Trinidad and Tobago has amassed considerable experience and expertise during its involvement with the FATF ICRG process and I would like to take this opportunity to enlist your support in putting this wealth of talent to the benefit of ten CFATF Members that have met the FATF ICRG criteria in particular and to the CFATF generally by assuming the Chair of the CFATF ICRG when the current Chair demits office at the November 2012 Plenary Meeting.

Trinidad and Tobago has a significant and constructive role to play within the CFATF family and I would be pleased to meet with you at our earliest mutual convenience to discuss this prospect and well as some other matters related to the general operations of the Secretariat and the organization as a whole.

Once again my congratulations to you as Prime Contact to the CFATF on the important milestone of having successfully navigated the FATF ICRG process.

Yours sincerely,

Calvin E. J. Wilson, 
Executive Director

The Prime Minister said her government is "ever cognisant of the ill effects of money laundering and terrorist financing" and pledged to continue "to expend all possible resources in this area in recognition of the deleterious effect it can have on our country's financial stability and national security."

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Jai & Sero

Jai & Sero

Our family at home in Toronto 2008

Our family at home in Toronto 2008
Amit, Heather, Fuzz, Aj, Jiv, Shiva, Rampa, Sero, Jai