Posted: Tuesday, January 23, 2018. 9:49 am CST.
By BBN Staff: Belize was among the 53 countries represented at the start of a two-day assessors training course hosted by the Caribbean Financial Action Task Force (CFATF).
The training started yesterday at the Pegasus Hotel in Georgetown, Guyana, with participants from countries including Canada, Turks and Caicos and Jamaica. The training includes exercises on the use of the FATF Methodology for assessing technical compliance with the Financial Action Taskforce on Money Laundering (FATF) Recommendations and other methodologies including how to conduct assessments.
During the sessions, participants will learn how the FATF methodology is used to assess a country’s technical compliance with the FATF recommendations, and for reviewing the level of effectiveness of a country’s Anti Money Laundering and Combating the Financing of Terrorism (AML/CFT) system under the Fourth Round Mutual Evaluations process.
The workshop will conclude with a mock evaluation to test participants’ knowledge and understanding of the process of assessing a country’s level of compliance with of the FATF Recommendations, and the level of effectiveness of their AMLCFT programs.
The CFATF is an organization of states and territories of the Caribbean basin which have agreed to implement common counter-measures against money laundering and terrorism financing formed in 1992 through the Kingston Declaration following a meeting of member states in Jamaica.
In November 2013, the CFATF issued a public statement, encouraging greater compliance with AML/CFT standards and identified Belize and Guyana as jurisdictions that had strategic deficiencies.
In 2014, the CFATF commended Belize for enacting nine pieces of key legislation, six laws and three regulations to boost AML/CFT standards.
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