Wednesday, November 4 – The Virgin Islands was represented by a six member inter-agency delegation at the Caribbean Financial Task Force (CFATF) second annual and 30th plenary session in Curacao, Netherlands Antilles from October 26-30.
Speaking to the Department of Information and Public Relations upon the delegation’s return to the Territory, the Attorney General, Honourable Kathleen Quartey who headed the BVI delegation said the meetings were well attended by high level officials and technocrats.
Hon. Quartey said the BVI delegation provided a progress report to the CFATF, which she explained is the body responsible for countering money laundering and the financing of terrorism in the region.
Hon. Quartey further shared, “Following the peer review mechanism employed in the CFATF, a number of delegations were assessed on their draft Mutual Evaluation Reports whilst others had been mandatorily obliged to report on follow-up action.”
She added, “Owing to substantial compliance at last year’s evaluation, the Virgin Islands voluntarily provided a progress report far from downplaying future responsibilities, and declared its commitment to ensure further compliance and eliminate those areas of deficiency in our evaluation. Certain items of draft legislation will therefore be shortly proposed to the Government concerning necessary additions and amendments to our enforcement and regulatory regime.”
The six-member delegation included Honourable Quartey and Crown Counsel, Mrs. Annjel Flax Solomon from the Attorney General’s Chambers, Director of Investment Business, Mr. Glenford Malone and Senior Policy Research and Statistics Officer, Ms. Alva McCall from the Financial Services Commission (FSC), Investigating Officer, Mr. Adrian Katrick and Analyst, Ms. Delia Jon Baptiste from the Financial Investigation Agency (FIA).
“I wish to acknowledge the considerable effort put in by the members of the Virgin Islands delegation before and during the meeting in monitoring the status of the other jurisdictions, Hon Quartey said.” She noted that the infusion of new delegates to the local team also served as an enriching experience for them.
The meeting opened on Monday, October 26 with the 12th Heads of Financial Intelligence Units Forum (designated the Financial Investigation Agency in the BVI) and ended with the 16th CFATF Ministerial Council Meeting on Friday, October 30.
The plenary session was chaired by Hon. Madame Janet Haris, Financial Secretary of St. Kitts and Nevis. The incoming chair for 2009-2010 is Hon. Dr. Ersilia Th.M. de Lannooy, Deputy Prime Minister and Minister of Finance of the Netherlands Antilles. Cayman Islands have been elected Deputy Chair, represented by Attorney General Hon. Sam Bulgin.
The ministerial council meeting comprising mainly ministers of finance and attorneys general of member states met on the final day.
Both meetings were also attended by representatives of the Financial Action Task Force, the World Bank, the International Monetary Fund and the Egmont Group. This was in addition to the attending representatives of United Kingdom, United States of America , Canada, France, Mexico and Spain, collectively referred to as the Group of Co-operating and Supporting Nations.
The CFATF was founded in the early 1990’s as the result of meetings convened in Aruba in May 1990 and Jamaica in November 1992. It is committed to the twin goals of fighting money laundering and countering the financing of terrorism (AML/CFT). In 2008, the CFATF was accorded associate member status by the Financial Action Task Force (FATF).
British Virgin Islands News