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Caribbean L 14 ife, Jan. 11–17, 2019
CARIBBEAN ROUNDUP
Trinidad
Trinidad and Tobago former Prime
Minister Kamla Persad-Bissessar has
paid tribute to one of the Caribbean’s
legal luminary Sir
Fenton Ramsshoye,
QC, who was laid to
rest in Barbados last
week.
In a press release,
the Opposition Leader said Sir Fenton’s
unparalleled contribution to the
development of the law and politics of
the Caribbean has made an indelible
Detecting money laundering
Under the leadership of
the FATF, and with the
support of the IMF, United
Nations, World Bank,
and other stakeholders,
almost every country
has criminalized money
laundering and terrorism
financing and established
a legal framework
to freeze terrorist assets.
But this work is far
from finished. Whether
because of lingering
legal and institutional
loopholes or innovation
on the part of criminals
(or both), there is no
shortage of money laundering
scandals in the
news. As a case in point,
investigators are currently
probing the possibility
that the better
part of $233 billion in
payments was laundered
through the Estonian
branch of Danske Bank
from 2007 to 2015.
Rapidly developing
financial technology has
further complicated the
picture. Mobile money
transfers, distributed
ledgers, and virtual currencies
have legitimate
and productive uses but
can also be used to conceal
or facilitate criminal
activity. Put another
way, nearly cost-free
consumer payments and
nearly untraceable ransom
payments are two
sides of the same (Bit)
coin.
So how should countries
prioritize their
response to this evolving
and globalizing challenge?
First, they should heed
the FATF’s call to understand
and address the
threats that stem from
changing technology,
but should do so without
stifling financial innovation
and inclusion. The
objective should be to
increase transparency—
to know who is behind
financial transactions,
where, and for what purpose—
without unduly
increasing transaction
costs or driving financial
flows underground.
Second, they should
remove legal and practical
barriers to international
cooperation.
Detecting money laundering
and terrorism
financing requires
both safeguarding and
sharing financial intelligence,
and deterring
criminals requires following
the trail of dirty
money or money intended
for nefarious purposes,
wherever it leads.
Finally, they should
continue to strengthen
the effectiveness of
their efforts to mitigate
identified risks.
Whether national AML/
CFT laws are perfect or
not, beyond laws on the
books, consistent (and
persistent) implementation
is critical to achieving
durable results.
Given its mandate
to preserve economic
stability and financial
integrity, the IMF maintains
an extensive AML/
CFT program, which
includes active participation
in international
efforts to raise awareness
of the threat and generate
effective responses,
along with the provision
of advice and know-how
to over 100 of its members—
and counting.
What are some examples
of these efforts?
To name just a few, in
Ukraine, we are working
with national authorities
to prevent banks
from being misused by
corrupt officials. As a
result, regulatory sanctions
for AML/CFT violations
are increasing
and the reporting of
suspicious transactions
is on the rise, yielding
a significant number of
corruption investigations
and prosecutions
of high-level public officials.
In Libya, we helped
the authorities craft a
new AML/CFT law that
criminalized terrorism
financing and established
the legal basis for
the imposition of sanctions
against recognized
terrorists.
And in the Caribbean,
where the withdrawal of
correspondent banking
relationships is a critical
concern, we convened
international banks
and their local counterparts
to foster bilateral
cooperation in addressing
information gaps
and meeting regulatory
expectations. One global
bank that had left the
region has now decided
to reestablish ties with
some local banks.
The IMF is committed
to helping its members
identify today’s dirty
money laundromats—
and close them down.
The stakes have never
been higher.
Continued from Page 10
impact that helped shape “our notion
of justice and fundamental human
rights.”
Describing Sir Fenton as the “grandfather
of West Indian constitutional
law,” Persad-Bissessar noted that he
was one of the few regional lawyers
who had an impressive success rate
at the United Kingdom-based Privy
Council.
Sir Fenton, 89, who died peaceful at
the Queen Elizabeth Hospital in Barbados
on Dec. 27, 2018, was a former
attorney general of Guyana.
— Compiled by Azad Ali
Continued from Page 4
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