Working group briefs stakeholders on coming assessment

POSTED: 11/1/11 12:28 PM

St. Maarten – The Ministry of Justice organized an information session on October 28 to brief stakeholders in the public and private sector about St. Maarten’s March 2012 country evaluation by the Caribbean Financial Action Task Force (CFATF). The assessment team will review the country’s compliance with 40 standard recommendations and nine special recommendations that relate to legislation to combat money laundering and the financing of terrorism. The recommendations, which have particular significance to the region, include the recommendations the Financial Action Task Force (FATF) established by the Group of Seven (G7) at the 1989 Paris Summit.

So far the preparation for the visit is being guided by a temporary working group that will give way to a committee. The working group, which has existed for two months, includes SG Ligia Stella, Department head TEZVT Shervin Frederick, Legal Advisor in the Cabinet of the Minister of Justice Ann Gumbs, Policy Advisor in the Cabinet of Minister of Finance Dwayne President and MOT Representative IT Analyst Natalie Busby. They were joined by Roselle de Weever of the Central Bank of Curacao and St. Maarten and Prosecutor Guillano Schoop, who represented Attorney General Dick Piar.

Friday’s presentation gave a history of the CFATF and an elucidation of why the evaluation was important for St. Maarten’s standing in the Caribbean and the world as it regards to the countering fraud, money laundering, terrorist financing, environmental crime and trafficking. The working group also stressed that all stakeholders need to work together to show compliance with the recommendations and that companies like banks, insurance companies, car dealers and jewelry stores would be contacted directly about the role they would have to play in the gathering of financial information for the evaluation taking place next year.

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