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 5th 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 30th 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 4th Round of Mutual Evaluations. Consideration was also given to the additional human resources required to conduct the 5th 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.