Five members of the Mutual Evaluation Mission from the Caribbean Financial Action Task Force (CFATF) have completed a two week evaluation of Anguilla’s financial services risk management structure and capacity and compliance. Head of the Mission and team leader, Dawne Spicer from Trinidad & Tobago, spoke to members of the press about the visit.

L-R: AG Wilhelm Bourne, Ms. Spicer and Governor Harrison

Ms Spicer, who is the Deputy Executive Director of the CFATF, said that there were five persons in the group from Jamaica, St Kitts and Nevis, the Bahamas, Trinidad and Tobago and the USA. They were acting on behalf of the 30 member countries of the Task Force that has as its main objective to combat money laundering and terrorist financing.

She reported that the group has consulted with the Financial Services Commission, the Ministry of Finance, the Governor’s Office, Immigration officials, Customs Officials, the Attorney General’s Chambers, and the Financial Intelligence Unit of the Royal Anguilla Police Force as well as many in the private sector including lawyers, financial service companies, real estate and insurance agents. She said that the legislative framework in Anguilla is strong and the persons they met with are very aware of the legislation and the requirements. She noted a high level of willingness to comply.

The draft report and recommendations will be available to the Government of Anguilla in October this year and the final findings will be on the website by April 2010. Countries that do not meet the requirements will have special follow up sessions and recommendations will be monitored. The aim of the CFATF is to make everyone of the thirty countries compliant.

Mutual evaluations take place every five years and Spicer said that they aim to cover six countries each year. The CFATF was established following the Kingston Declaration in 1992.

Asked about recent legislation and the Proceeds of Crime Act, Attorney General Wilhelm Bourne, said that the community has to get used to the new legislation as the Proceeds of Crime Act is a complex one. He believes that people are willing to conform and the public will accept it and be willing to comply in the interests of the well being of the country.

Governor Alistair Harrison spoke of the CFATF visit as significant. He also referred to the new legislation and noted that more and more business will flow to the better regulated jurisdictions. He said that the Act (Proceeds of Crime) will improve Anguilla’s reputation.

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