‘Looming’ issue of de-risking in Region remains high on CFATF agenda

Delegates at the CFATF Meeting in Georgetown, Guyana (Photo via Department of Public Information)

Executive Director of the Caribbean Financial Action Task Force (CFATF), Calvin Wilson has said that de-risking or the loss of correspondent banking relations is looming largely across the Caribbean region because of what is being perceived by international financial institutions as “high-risk jurisdictions operating in a high-risk region.”

Wilson is disagreeing with this perception on the basis that many of the countries have taken stringent steps to correct the deficiencies in their Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) regime, during their mutual evaluations. He disclosed that many of the formerly high-risk countries are now compliant or “largely compliant” with the standards set by the Financial Action Task Force (FATF).