On 29th November, the Caribbean FATF (the relevant FATF-style regional body) published a statement following its Plenary in Antigua & Barbuda.  In the statement, CFATF said that it recognised the progress made by the Dutch island nation of Sint Maarten to date in addressing the deficiencies identified in its Mutual Evaluation Report.  However, CFATF is concerned by failure to address remaining deficiencies in its AML/CFT regime following the High-Level Mission that visited the country in August 2018 and the CFATF Plenary’s requirement to overcome such deficiencies by February 2019.  CFATF urges Sint Maarten to immediately address its AML/CFT deficiencies, including by bringing the necessary outstanding legislation into force and effect.  In the event of failure to act on this requirement, CFATF may call its member jurisdictions to apply countermeasures on the country in order to protect their financial systems from the ongoing risks emanating from Sint Maarten.  The next CFATF Plenary will review if additional progress has been made by Sint Maarten.

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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