Minister of Legal Affairs, Mr. Basil Williams, S.C., M.P. is currently participating in the Plenary and Working Group Meetings for the Financial Action Task Force (FATF)-XXIX
The Honourable Attorney General and Minister of Legal Affairs, Mr. Basil Williams, S.C., M.P. is currently participating in the Plenary and Working Group Meetings for the Financial Action Task Force (FATF)-XXIX which is being held at the OECD Conference Centre in Paris, from June 24-29, 2018.
The Financial Action Task Force (FATF) is an inter-governmental body that was established in 1989. The FATF sets standards to counter money laundering, terrorist financing and proliferation financing.
The established standards are the FATF 40 Recommendations, which the FATF and FATF Style Regional Bodies (FSRBs) of which the CFATF the first one created in the Global Network; use to monitor their Members level of compliance and implementation of measures against money laundering, counter terrorist financing and proliferation financing. The FATF’s decision making body is the Plenary, which meets three times per year (February, June and October).
The Plenary reviews through discussions on mutual evaluation reports and other projects covering issues that are discussed in each of the technical Working Groups three days prior to the Plenary (June 24-26, 2018).
The Plenary meeting is intended to have all relevant parties present to discuss AML/CFT/PF issues so that progress is made in a consistent manner by FATF and FSRBs. The CFATF as an FSRB is therefore fully involved like other FSRBs in the work that is discussed during Plenary.
As the Chairman of CFATF, it is therefore important to remain visible and viable in the discussions that take place at the FATF Plenary level. There is an expectation that the issues, their outcomes and requisite follow-thorough in relevant instances will be carried forward by the Chair of each FSRB and their Secretariats.
The June 2018 Plenary is currently being held from Wednesday 27 to Friday 29, June 2018. Several topics will be covered that are of importance to the Caribbean Financial Action Task Force (CFATF) Region. These include as follows:
- The Counter Terrorist Financing Operational Plan
- Revisions to the Methodology
- FinTech and RegTech issues