Barbados AG reiterates commitment to CFAFT recommendations
DPI, GUYANA, Tuesday, November 14, 2017
Regional compliance to the Financial Action Task Force (FATF) is important if the Caribbean region can confidently promote itself as a “clean jurisdiction” Attorney General of Barbados Adriel Brathwaite said.
The AG was speaking to the Department of Public Information (DPI) on the sidelines of the Caribbean Financial Action Task Force (CFATF) Plenary and Working Group Meeting being held at the Marriott Hotel, Georgetown.
“Consistent participation in CFATF meetings are important because the stronger we are in terms of the Caribbean Financial Action Task Force, the stronger we are as an organisations and as members the better we are, when we go on the world stage, to articulate our position,” AG Brathwaite said.
Barbados, like most Caribbean states, depend heavily on financial services. The Region is currently working to address the pull out of correspondent banking from the Region. Correspondent banking impacts the Region’s financial transactions, and by extension, trade, and remittances in the CARICOM countries affected by the pullout of foreign banks.
Barbados’ CFATF report is being interrogated during today’s afternoon plenary session. The Attorney General said compliance with FATF and CFTAF recommendations are important to Barbados since “it says a lot about our anti-money laundering regime as a country”.
The AG reiterated his country’s support to the CFATF. “In fact, if all goes well I’m actually supposed to become the incoming deputy chair and that symbolises my country’s commitment to the CFATF,” the AG noted.
By: Tiffny Rhodius
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