AML Forum seeks to educate reporters on fiscal responsibility | THE DAILY HERALD

PHILIPSBURG–The fourth Dutch Caribbean Anti-Money Laundering and Gaming Regulation Forum, set for June 4-7, on St. Maarten seeks to tackle more than just people in the gaming arena.

The spectrum is wider than just gaming and aims to bring together representatives of all sectors of the economy who are obligated by law to report unusual financial and other transactions to the Financial Intelligence Unit MOT, Kleo Papas, Director of International Projects for United Kingdom Financial Crime Prevention Training and Consultancy provider GovRisk told The Daily Herald.

The goal is to inform financial reporters of their “fiscal responsibilities” in tackling “illicit financial flows.”

Papas added that financial crimes are no longer just “a dodgy bank in Panama or an offshore account in the Caymans.” Illicit finances are moved through different sources; for instance, a person can present a cashier’s cheque from a casino given out for winnings. “Who can say that was not a legitimate win?” Papas said.

The forum is an “educational one” and seeks to aid the country as it heads to its fourth round of mutual evaluations by the Caribbean Financial Action Taskforce (CFATF). The forum has “a carefully curated agenda” to ensure all attendees are well-equipped for the tasks ahead, said Papas.

There are places for 120 persons at the forum organised in collaboration with the government of St. Maarten. Any larger, the forum will become less educational, said Papas.

The forum will provide an opportunity to learn international best practices and the latest trends from the Financial Action Task Force, said Economic Affairs Minister Stuart Johnson in a press statement. He encourages all businesses to sign up for the forum.

The list of presenters includes AML/CFT (Combating the Financing of Terrorism) and Gaming and AML Regulation experts Alan Pedley, Tony Clark, Delaware State Police Detective Sergeant David Hanich, former Bahamas Senator Cheryl Bazard, and National Council on Problem Gambling (NCPG) Executive Director Keith Whyte.

The agenda points for the forum include Banks Are De-Risking Due to Perceived High-Risk Sectors in the Caribbean Jurisdictions – Some Strategies and Possible Solutions; Best Practices in Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) – For the Banks, Gaming Operators, Lotteries and the Designated Non-Financial Businesses and Professions (DNFBPs); Digital Currencies and Blockchain Technologies for Gaming, Financial, Telecoms and Other Sectors in Smaller Jurisdictions; the Important Role of the FIU [Financial Intelligence Unit –Ed.]/MOT in St. Maarten, Aruba, Curaçao and Suriname; Sports Betting – Opportunities and Risks for Regulators, Operators and Players; and GDPR [General Data Protection Regulation] Data Protection – The Implications for the Dutch Caribbean jurisdictions.

To make the forum a success and save government cost, GovRisk and the local government via the Ministry of Tourism, Economic Affairs, Transport and Telecommunications (TEATT) have entered into an agreement that required a minimum number of sign-ups for an organisational fee waiver. If the minimum sign-ups are not attained, government will have to foot the bill.

The forum is set for Sonesta Maho Beach Resort, Casino and Spa. The hope is financial reporters from the surrounding islands will also attend the session.

To register for the forum, visit and use the special discount code TEATT.

Source: The Daily Herald