Caribbean Financial Action Task Force (CFATF) officials recently paid a working visit to Parliament Chairwoman Sarah Wescot-Williams. CFATF monitors the compliance of countries with the FATF Standards. Financial information (banking sector, etc.) and anti-money laundering and countering financing of terrorism AML/CFT legislation are critical to this reporting, and non-compliance can have dire consequences for the country’s financial credibility.
“St. Maarten has some catching up to do,” Wescot-Williams said. To that end, she has sent an urgent request to government to process the outstanding legislation with haste. Several pieces of legislation are in process but have not yet reached Parliament. St. Maarten’s status will be examined once again in an upcoming review. “I hope by that time some real progress would have been made,” Wescot-Williams stated. In photo: Wescot-Williams with CFAFT delegation of Chairman Basil Williams, Executive Director Dawne Spicer, International Co-operation Review Group (ICRG) co-chairman Glenford Malone and Legal Assessor Ana Folgar.
Source: The Daily Herald https://www.thedailyherald.sx/islands/80388-compliance-visit
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