The Caribbean Financial Action Task Force published the outcomes of its 59th Plenary and Working Group meetings, held from December 1 to 6, 2024, with the approval of the mutual evaluation reports for Belize and Montserrat as the main decision. Prepared under the Financial Action Task Force fourth-round methodology, the reports assess the effectiveness of each jurisdiction’s anti-money laundering and counter-terrorist financing framework and its technical compliance with FATF recommendations. A post-plenary quality and consistency process remains underway, with both reports due to be published in the first quarter of 2025. The meetings also advanced several supervisory and follow-up workstreams. The Heads of Financial Intelligence Unit forum focused on transaction suspension in light of FATF Recommendations 4 and 40, discussed a technical guide on crypto-currency financial investigations and considered a proposed regional counter-terrorist financing forum. The Risk Trends and Methods Group reviewed work on non-traditional designated non-financial businesses and professions, discussed the launch of a regional terrorist financing assessment and created a working group to examine links between the multilateral memorandum of understanding, the terrorist financing risk project and the proposed forum. In the follow-up process, Saint Lucia’s fourth enhanced follow-up report and Suriname’s second enhanced follow-up report with technical compliance re-ratings were approved through a written process, while Antigua and Barbuda, Aruba and the Turks and Caicos Islands exited the fourth-round follow-up process. Next steps include publication of the Belize and Montserrat evaluation reports in the first quarter of 2025 and a report to the May 2025 plenary from the new working group on possible synergies across the counter-terrorist financing initiatives. The release also confirmed that Jamaica holds the CFATF chairmanship from December 2024 to December 2025, with Barbados as deputy chair and Aruba as immediate past chair.
Caribbean Financial Action Task Force (CFATF)2025-01-09
Caribbean Financial Action Task Force approves Belize and Montserrat mutual evaluation reports at 59th plenary
The Caribbean Financial Action Task Force released the outcomes of its 59th plenary, centered on approval of the mutual evaluation reports for Belize and Montserrat under the FATF fourth-round methodology. The reports will be published after the post-plenary quality and consistency process in the first quarter of 2025. The meetings also covered transaction-suspension practices, a regional terrorist financing risk assessment and follow-up reviews, including technical compliance re-ratings for Saint Lucia and Suriname.