Over 150 participants to attend CFATF conference November 12-16
DPI, GUYANA, Friday, November 3, 2017
Over 150 participants from 26-member countries are expected here for the Caribbean Financial Action Task Force (CFATF) conference slated for November 12-16, 2017 at the Marriott Hotel, Kingston.
The Caribbean Financial Action Task Force (CFATF) is a regional body of the Financial Action Task Force (FATF) which was established in May 1990.
The member states of the CFATF jointly implement measures aimed at combating money laundering and terrorism financing. The supreme body of the CFATF is the Council, which is composed of one representative from each member state (the Minister or official of equal rank). The Council is headed by the Chairman.
Plenary sessions are held at least twice a year. The meetings are attended by one representative from each member state.
The conference is being held here, as Guyana has made significant progress in improving its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) regime.
In November 2016, the CFATF Plenary agreed that Guyana be removed from the CFATF /International Cooperation Review Group (ICRG) process. This means that the country is no longer subject to monitoring by CFATF/ICRG, as the country has been removed from the blacklisted status.
Guyana was “blacklisted” by the CFATF in 2013, under the previous administration, after it failed to make significant progress in implementing required legislative reforms which would have aided in the international combat against money laundering and financing of terrorism.
By: Stacy Carmichael