June 16, 2023 | Press Releases

HON. ATTORNEY GENERAL AND CFATF MINISTERIAL SUB-COMMITTEE MEETS WITH FATF PRESIDENT

At the October 2022 Council of Ministers meeting, Ministers agreed to the formation of a Ministerial Financial Sub-Committee to review the resourcing of the Caribbean Financial Action Task Force (CFATF) for its current Mutual Evaluation Programme, the upcoming 5^th Round of Assessments and the general operations of the organisation.

The Ministerial Financial Sub-Committee is led by the CFATF Chairman, the Honourable Samuel Bulgin, KC, JP, Attorney General of the Cayman Islands and comprises Ministers or their representatives from Antigua and Barbuda, Aruba, Barbados, Bermuda, the Cayman Islands, Jamaica, The Bahamas, Trinidad and Tobago and the Turks and Caicos Islands. The Executive Director, Deputy Executive Directors and the Director of Finance and Administration are also members of the Sub-Committee.

The first meeting of the Ministerial Sub-Committee was held on the 30^th of January, 2023 and hosted by the Honourable Ryan Pinder, Attorney General of The Bahamas. The Financial Action Task Force (FATF) President, Mr. T. Raja Kumar was invited to meet with the Sub-Committee with the meeting signaling the firm commitment of the Region at the Ministerial level towards ensuring the continuance of the CFATF as a body focused on the implementation the FATF Standards by its Members.

Given the ongoing global economic challenges, the development of a plan of action to ensure the financial sustainability of the CFATF is critical. Accordingly, the meeting explored various short, medium, and long-term funding options for the efficient allocation of resources to complete the CFATF’s 4^th Round of Mutual Evaluations. Consideration was also given to the additional human resources required to conduct the 5^th Round of Mutual Evaluation Assessments. As a result, there was an exchange of ideas as to areas that should be prioritized and an understanding of the assistance that the FATF can provide. Issues such as the listing of Members, the FATF ICRG process and de-risking were also discussed.

The work of the Ministerial Sub-Committee is ongoing.

The CFATF Chairman, the Honourable Samuel Bulgin, KC, JP, Attorney General, Cayman Islands (right) and FATF President, Mr. T. Raja Kumar, Singapore.

From left to right: Mrs. Cheryl Greenidge, Director, Bank Supervision Department, Central Bank of Barbados; Senator the Hon. Reginald T. A. Armour S.C., Attorney General and Minister of Legal Affairs, Trinidad and Tobago; Hon. Rhondalee Braithwaite-Knowles, OBE, KC, Attorney General, Turks and Caicos Islands; Mrs. Cheryl-Ann Lister, Financial Secretary (Ag.), Bermuda and CFATF Immediate Past Chairman; Senator the Hon. Ryan Pinder, Attorney General and Minister of Legal Affairs, The Bahamas; Mr. T. Raja Kumar, FATF President, Singapore; Hon. Samuel Bulgin, KC, JP, CFATF Chairman and Attorney General, Cayman Islands; Hon. Dale Marshall, K.C., M.P., Attorney-General and Minister of Legal Affairs, Barbados; Ms. Maurene Simms, Special Advisor to the Governor of the Bank of Jamaica; Ms. Dawne Spicer, Executive Director, CFATF Secretariat; Mrs. Vyana Sharma, Head, Anti-Terrorism Unit, Office of the Attorney General and Legal Affairs, Trinidad and Tobago; Mr. Francis Arana, Head of the Anti-Money Laundering Uni, Attorney General’s Chambers, Cayman Islands; Dr. Cassandra Nottage, National Identified Risk Framework Coordinator, The Bahamas; Ms. Simone Ebanks, Policy Analyst, Anti-Money Laundering Unit, Attorney General’s Chambers; Cayman Islands; Ms. Yolande Rolle, Deputy Legal Counsel, Insurance Commission of The Bahamas; Ms. Tiffany Moss, Chief Financial Officer, Portfolio of Legal Affairs, The Bahamas; Ms. Michelle Dean, Deputy Director of Legal Affairs (Ag.) Office of the Attorney General and Ministry of Legal Affairs, The Bahamas; Mr. Angelo Brete, Deputy Chair, CFATF, Director of the Financial Intelligence Unit, Aruba; Ms. Magdalene Walcott, Director Finance and Administration, CFATF Secretariat; Lt. Col Edward Croft, Director, Office of National Drug and Money Laundering Control Policy (ONDCP), Antigua and Barbuda; Mr. Loxly Ricketts, Deputy Executive Director, CFATF Secretariat.

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