The Caribbean Financial Action Task Force (CFATF) was established in 1990 to address the issue of money laundering in the Caribbean region. The CFATF is a member of the Financial Action Task Force (FATF), an international organization that sets standards for combating money laundering and terrorist financing.

The primary goal of the CFATF is to develop and promote policies, laws, and regulations that combat money laundering and terrorist financing. To achieve this goal, the CFATF provides technical assistance and training to its member countries and conducts assessments of their anti-money laundering and counter-terrorist financing regimes.

Which Countries are CFATF Members?

The CFATF’s mission is to develop and promote policies, laws, and regulations to combat money laundering and terrorist financing in the Caribbean region. The organization provides technical assistance and training to its member countries to help them strengthen their anti-money laundering and counter-terrorist financing regimes. The CFATF also conducts assessments of its member countries’ compliance with its recommendations and guidelines.

As of 2021, the CFATF has 27 member countries in the Caribbean, including both independent nations and overseas territories of larger countries. The organization works closely with other international organizations, such as the World Bank and the International Monetary Fund, to combat financial crimes in the region. The CFATF continues to play a vital role in promoting the integrity of the financial systems of its member countries and in safeguarding the region from the risks posed by money laundering and terrorist financing.

Is There a Relation Between the CFATF and FATF?

The FATF (Financial Action Task Force) is an international organization established in 1990 to combat money laundering and terrorist financing. It sets international standards and promotes the effective implementation of legal, regulatory, and operational measures for combating money laundering, terrorist financing, and other related threats to the integrity of the international financial system.

Caribbean Financial Action Task Force is a regional body that is an associate member of the FATF. It was established in 1990 to implement the FATF recommendations in the Caribbean region and to combat money laundering and terrorist financing in the region.

The CFATF follows the FATF’s guidance and recommendations and adapts them to the particular circumstances of the Caribbean region. The CFATF also conducts mutual evaluations of its member countries compliance with the FATF’s standards.

In summary, the CFATF is a regional body that works closely with the FATF to combat money laundering and terrorist financing in the Caribbean region. It follows the FATF’s guidance and recommendations while adapting them to the region’s particular circumstances.