10th Compliance Conference in The Turks and Caicos Islands
WELCOME REMARKS
BY
THE HONOURABLE RHONDALEE BRAITHWAITE-KNOWLES OBE,
ATTORNEY GENERAL OF THE TURKS AND CAICOS ISLANDS
MADE AT
CFATF 10TH COMPLIANCE CONFERENCE
THE REGENT PALMS TURKS AND CAICOS,
GRACE BAY, PROVIDENCIALES,
TURKS AND CAICOS ISLANDS
23RD – 24TH MARCH 2015
I welcome and thank persons from across the Caribbean region and here at home, including the Hon. Garvin Nicholas, newly appointed Attorney General of the Republic of Trinidad and Tobago for taking time from their very busy schedules to join this conference to discuss compliance with the FATF standard as we have commenced the 4th round of mutual evaluations with Trinidad and Tobago heading the list. This 10th Compliance Conference is one of the many regional efforts underway to achieve the call of the former Chair of the CFATF, the Attorney General of the Bahamas Senator Allyson Maynard Gibson for all CFATF members to emerge at least 75% compliant from this 4th round of mutual evaluation.
This 10th Compliance Conference is being held here on Providenciales whilst at the same time that the Budget session begins in the House of Assembly on Grand Turk and unfortunately, along with the Premier and other Cabinet colleagues, those activities demand attention. But the Government’s commitment to these important initiatives remains unwavering.
I wish to thank the Caribbean Financial Action Task Force and the newly established Financial Intelligence Agency of the Turks and Caicos Islands for partnering with me to host this 10th Compliance Conference under the theme: ¨Keeping in step with regulatory requirements as the Standards evolve”
The CFATF pursues the objective of achieving effective compliance with and implementation of the FATF Standards to prevent and control money laundering and to combat the financing of terrorism. In that regard, the Anti-Money Laundering Committee in conjunction with the CFATF are preparing the national framework for the upcoming fourth Mutual Evaluation of the AML/CFT system of the Turks and Caicos Islands, which will measure the effectiveness of the TCIs efforts in countering money laundering and the financing of terrorism. Similar exercises are going on around the region, with Trinidad and Tobago, Jamaica and Barbados have their assessments already underway.
This Compliance Conference provides an opportunity for training to all the agencies and representatives of the public and private sector that would allow them to face the challenges of the 4th Mutual Evaluation. Additionally, participants will be provided with an in-depth and practical learning experience while encouraging participation in honest dialogue with key parties from different segments of the complex world of anti-money laundering risk management.
This conference features International and local experts in the Anti-Money Laundering and Counter Terrorism field who will make presentations on the new Financial Action Task Force Standards; discuss Risk Assessments, Customer Due Diligence, Supervision, Challenges for the TCI and the most relevant trends and topics that all stakeholders in the AML/CFT industry need to be aware of.
As you know, with the increasing globalisation and liberalisation, money laundering and terrorist financing have become global phenomena. They pose real and significant threats to nations, their people, their financial systems and their security apparatus, no matter the makeup of the economy or the size of the country. All nations, particularly small and developing jurisdictions are susceptible to disruption from criminal and terrorist activities.
Corruption, money laundering and its associated economic and financial crimes tend to impact and undermine good governance and rule of law, which are core values of the Regional constitutions.
The FATF 40 Recommendations are widely accepted as one of the most useful international countermeasures designed against money laundering and terrorist financing: their implementation increase transparency and enable countries to successfully take action against illicit use of their financial system. The FATF Recommendations set out a comprehensive and consistent framework of measures which countries should implement in order to combat money laundering and terrorist financing, as well as the financing of proliferation of weapons of mass destruction. Countries have diverse legal, administrative and operational frameworks and different financial systems, and so cannot all take identical measures to counter these threats.
The FATF Recommendations, therefore, set an international standard, which countries should implement through measures adapted to their particular circumstances.
It is well known that a well regulated financial services sector has a direct relationship to a successful investment sector. The private sector and the public sector should be seen to be espousing a national and regional view that criminals should not be allowed to launder their ill-gotten funds and when such funds are confiscated, they should never access them again. Fighting financial crime in the region is an imperative for all of us.
The revised 2012 FATF Recommendations require the national and international regulatory and investment community to focus on the regional legislative and regulatory infrastructure with particular emphasis on effective implementation of the relevant risks associated with our respective regulatory infrastructure, in accordance with international standards.
The Turks and Caicos Islands is set to be evaluated again soon and work has begun on a National Risk Assessment which requires both public and private sector participation.
This is the context in which this 10th Compliance Conference has been organized and as Chair of the Anti-Money Laundering Committee, I am grateful for your participation as clearly an awareness of AML/CFT requirements is central to much of the work undertaken by all of the stakeholders represented in this room.
Finally, please join me in thanking the Turks and Caicos organizing team, especially Inspector Dwyane Baker, head of the Financial Intelligence Agency and Ms. Tanisha Williams from my Chambers and the Secretariat for organizing this Compliance Conference.
Thank you all for coming to this 10th Compliance Conference in The Turks and Caicos Islands and I anticipate your constructive contributions.
Thank you.
Hon. Rhondalee Braithwaite-Knowles
Attorney General