Search Results for: Haiti

The Basel Institute on Governance has welcomed a gradual improvement in AML/CFT technical compliance with FATF recommendations but has warned governments’ progress in improving effectiveness remains sluggish.

Its 13th edition of the Basel AML Index assessed164 countries, with Myanmar, Haiti and the Democratic Republic of the Congo (DRC) receiving the highest AML/CFT risk scores, with San Marino, Iceland and Finland the lowest (1).…

Taiwan’s sovereignty as the Republic of China may remain unrecognised by all but 12 countries (including the Vatican State) (1), but it is a full member of the Asia/Pacific Group on Money Laundering (APG) and has been making significant progress on AML/CFT.…

There is a renewed sense of hope in Caribbean apparel outsourcer Haiti after the May appointment of interim Prime Minister Garry Conille and the arrival of the first contingent of police officers from Kenya on June 25. But for the island’s textile and apparel sector, the anticipation of better days is not so palpable and literally hinges on a US trade access programme called ‘HOPE/HELP’ being extended.…

With Caribbean clothing manufacturing hub Haiti continuing to be wracked with lawlessness, there is some hope within the industry that stability may soon emerge: “We know, we feel, we smell the end of the tunnel,” said Georges Sassine, the president of the Association des Industries d’Haiti, and owner of Haiti’s A,G Textiles SA.…

Sint Maarten, an autonomous country within the Dutch Caribbean, has been struggling to strengthen its AML/CFT system, although it has made tangible progress. Sint Maarten, which comprises the southern third of the island of St Martin in the north-east Caribbean, which it shares with the French collectivity of Saint Martin, had 12 follow up reports for its latest third mutual evaluation round by the Caribbean Financial Action Task Force (CFATF) (1).…

The International Cocoa Organisation (ICCO) has predicted that the chocolate industry will continue to face cocoa supply deficits, with its latest quarterly assessment predicting that for 2022/3, there will be 99,000 tonnes more grindings than cocoa production. As a result, global stocks will fall to 1.744 million tonnes, amidst declines in output from key production hubs Ghana and Côte d’Ivoire.…

The risks of money laundering and terrorist financing (ML/TF) are increasing globally, according to the 2023 edition of the Basel AML Index (1), mainly through a “concerning” drop in the effectiveness of AML/CFT systems, indicated by Basel Institute on Governance analysis of Financial Action Task Force (FATF) data.…

The Turks & Caicos Islands (TCI) has been improving its AML record, even as its courts have taken eight years to hear financial crime cases against former political leaders, including past Premier Michael Misick. He is charged with money laundering, conspiracy to receive bribes, and conspiracy to defraud the government, related to his 2006-9 tenure.…

As Haitian clothing and textile factories lose contracts and are forced to shut down amidst this Caribbean country’s ongoing lawlessness and political chaos, industry officials in Haiti say the only way they can save this important national manufacturing sector is through international intervention.…

The European Commission has added the British overseas territory (BOT) of Gibraltar to European Union (EU) list of high-risk countries with strategic deficiencies in their anti-money laundering and countering the financing of terrorism (AML/CFT) regimes. This latest update to the EU AML blacklist (1) means that banks and other AML obliged entities will have to apply enhanced due diligence when dealing with transactions with Gibraltar, which was ceded to the UK in 1713, having been seized during the War of the Spanish Succession.…