SINT MAARTEN (GREAT BAY) - St. Maarten is preparing to undergo evaluation by the Caribbean Financial Action Task Force (CFATF) in September 2024. Its conformity to regulations against money laundering and terrorism financing will then be assessed. Compliance Caribbean provided a variety of trainings last week, preparing (non-) financial institutions for the evaluation.
The CFATF is an organization of states and territories of the Caribbean Basin that have agreed to implement common counter-measures against money laundering. CFATF has associate status within the Financial Action Task Force on Money Laundering (FATF).
A total of six (6) training courses have been provided on the topic of compliance and integrity. The trainings aim to provide comprehensive guidance and insights into the compliance measures necessary, to meet CFATF standards.
"We are content with the response and enthusiasm shown by participants in all training sessions" said Benno van Leeuwen, Managing Director of Compliance Caribbean. "This highlights the commitment of the institutions in St. Maarten to ensure compliance with international standards." “It’s been a very interactive, clear and enlightening training. We enjoyed the sessions” states one of the trainees.
The evaluation by the CFATF applies to all financial and non-financial institutions on St. Maarten. This includes banks, insurance companies, money service businesses, casinos, real estate agents, lawyers, accountants, trust and company service providers, and any other entities involved in financial transactions or services.
Compliance Caribbean will provide more training and compliance support on St. Maarten in the coming months. For more information, organizations can contact Compliance Caribbean via contact@compliance-caribbean.com
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