Bahamas Attorney General, the Hon. Alfred Sears, is slated to become the Chairman of the Caribbean Financial Action Task Force (CFATF) in October.
The regional organisation has responsibility for establishing and monitoring standards of financial fidelity in the international financial systems of the Caribbean Basin Region and Bermuda. It promotes international cooperation between law enforcement and regulatory authorities in the fight against the abuse of regional financial systems.
The Bahamas recently completed a Mutual Evaluation Programme, an assessment of its anti-money laundering framework, in collaboration with a visiting CFATF Mission. These programmes are considered crucial to the work of the CFATF, as they allow its Secretariat to ensure that Member States are fulfilling the obligations undertaken. Primarily, these obligations relate to improvement of the members’ anti money laundering framework so that the legislation, administrative procedures, programmes and policies are in compliance with the 40 FATF and 19 CFATF Recommendations. MEP reports are posted on the organisation’s web site.
In the wake of the September 11 terrorists attacks last year, the CFATF urged those Caribbean Basin countries that are not yet among its Members, to join the organisation so that they can play a part in the international fight against money laundering and terrorist financing. *”Together, the wider region has greater potential to providing a block against drug traffickers and terrorists”*Executive Director Calvin Wilson said.