16th July 2019
Caribbean Financial Action Task Force (CFATF)
What Is The Caribbean Financial Action Task Force (CFATF)?
The CFATF does not issue AML/CFT standards itself but follows the FATF in its approach to monitoring, supervision, and enforcement. That approach involves four components:
- Mutual Evaluations: CFATF member-states conduct mutual evaluations of their FATF compliance performance. Those evaluations are then issued as reports, available on the CFATF website.
- Follow Up Reports: After Mutual Evaluation Reports have been assessed, member-states issue Follow Up Reports which reflect the progress they have made in implementing the 40 Recommendations.
- Plenary Sessions: The CFATF holds plenary meeting sessions twice a year or more in locations around the Caribbean. The sessions feature discussions of deficiencies identified in Mutual Evaluation Reports, along with any AML/CFT issues relevant to member-states.
Training and Assistance: The CFATF’s Secretariat provides training and accreditation to help member-states better implement FATF standards and assess the performance of their domestic financial institutions. The CFATF may also act as a liaison between member-states and donors that are seeking to provide technical training.
In order to achieve its FATF AML/CFT objectives, the CFATF hosts a number of working groups dedicated to collecting and analyzing financial data, developing policy, and sharing information between member states. Those working groups include:
- The International Cooperation Review Group: The ICRG reviews issues related to international cooperation on AML/CFT issues and makes recommendations to the plenary meeting sessions.
- Working Group on FATF Issues: The WGFI is dedicated to engaging and following the lead of the FATF’s Evaluations and Compliance Group and its Policy Development Group.
- Working Group on Risks Trends and Methods: The RTMG facilitates the sharing of information relevant to AML/CFT efforts in the Caribbean Basin.
- Head of Financial Intelligence Units Forum: HoFIU is dedicated to enhancing information sharing between CFATF member-states and between CFATF and its international partners.
Accreditation Council: The AC is tasked with designing a suitable curriculum for the training and accreditation of investigators, analysts, and supervisors at CFATF financial intelligence units.