Premier Dr the Hon. Natalio Wheatley recently provided an update on the territory’s progress with implementing reforms to combat money laundering and terrorist financing.
The territory is working to address 64 specific recommendations outlined in a February 2024 Mutual Evaluation Report, conducted on behalf of the Caribbean Financial Action Task Force.
The evaluation has prompted the creation of a National Action Plan, which Wheatley says demonstrates the territory’s commitment to meeting international financial standards. He offered remarks on the progress made so far.
The territory published extensive guidance for the financial services sector throughout 2024, with additional measures planned for 2025. The National Anti-Money Laundering and Countering the Financing of Terrorism Coordinating Council is overseeing the implementation of these reforms.
As part of the initiative, the government has launched a “Commitment and Collaboration Outreach Series” in partnership with local compliance officers and registered agents. The next session is scheduled for February 13, 2025.
The territory is also preparing to launch a public awareness campaign called “Business Done Right”.
Premier Wheatley stressed that despite the encouraging progress, there is still work to do.