You are here
The Financial Action Task Force (FATF) is the global standard setting body for anti-money laundering and combating the financing of terrorism (AML/CFT). The FATF has developed a series of Recommendations that are recognized as the international standard for combating of money laundering and the financing of terrorism and proliferation of weapons of mass destruction. The Caribbean Financial Action Task Force (CFATF) is an organization of twenty-nine jurisdictions of the Caribbean Region, which have agreed to implement the FATF Recommendations.
In order to protect the international financial system from money laundering and financing of terrorism (ML/FT) risks and to encourage greater compliance with the AML/CFT standards, the FATF and CFATF periodically issue public statements identifying and providing updates on jurisdictions with strategic deficiencies in their anti-money laundering and counter-terrorism financing (AML/CTF) regimes.
Financial institutions should take the public statements into account when considering whether a transaction should be reported to the FIU as a suspicious activity or transaction. Financial institutions should also consider the public statements when doing business with customers based in, or connected to the jurisdictions listed in the statements.