St. Kitts and Nevis removed from CFATF ICRG monitoring process

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Basseterre, St. Kitts (CUOPM) – St. Kitts and Nevis has been removed from the CFATF ICRG monitoring process.

Financial Secretary, Mrs. Hilary Hazel said the CFATF held its XXXIX Plenary in Miami, Florida during the week of May 25-29, 2014 during which time St. Kitts and Nevis was among Member countries removed.

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“The CFATF acknowledges the significant progress made by St. Kitts and Nevis in improving its AML/CFT regime and notes that St. Kitts and Nevis has established the legal and regulatory framework to meet its commitments in its agreed Action Plan regarding the strategic deficiencies that the CFATF had identified. St. Kitts and Nevis is therefore no longer subject to the CFATF ICRG monitoring process,” said a statement on www.cfatf-gafic.org.

The Caribbean Financial Action Task Force (CFATF) is an organisation of twenty-seven jurisdictions of the Caribbean Basin Region, which have agreed to implement the international standards for Anti-money Laundering and Combating the Financing of Terrorism (AML/CFT), Financial Action Task Force Recommendations (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 CFATF identified jurisdictions that have strategic deficiencies and works with them to address those deficiencies that pose a risk to the international financial system.

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