The Caribbean Financial Action Task Force (CFATF) for Anti-Money Laundering
The Caribbean Financial Action Task Force (CFATF) is an organization of 30 Caribbean states, some of which are labeled “tax havens”, aimed at implementing common countermeasures to fight money laundering.
Currently, CFATF members are the following:
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Antigua & Barbuda,
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Anguilla
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Aruba
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The Bahamas
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Barbados
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Bermuda
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The British Virgin Islands
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The Cayman Islands
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Costa Rica
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Dominica
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Dominican Republic
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El Salvador
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Grenada
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Guatemala
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Guyana
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Republic of Haiti
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Honduras
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Jamaica
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Montserrat
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The Netherlands Antilles
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Nicaragua
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Panama
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St. Kitts & Nevis
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St. Lucia
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St. Vincent & The Grenadines
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Suriname
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The Turks & Caicos Islands
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Trinidad & Tobago
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Venezuela
To achieve effective implementation of and compliance with its recommendations in order to prevent and control money laundering and combat terrorism financing is the main goal of the CFATF.
A mechanism for monitoring and encouraging effective work as well as to ensure full implementation of the Kingston Ministerial Declaration is the Secretariat.
The Cooperating and Supporting Nations are members of the Financial Action Task Force on Money Laundering (FATF) and rely on the 40 FATF Recommendations concerning anti-money laundering measures. The relationship between the work and objectives of the FATF and the work and objectives of the CFATF are recognized by them.Â
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As far as money laundering techniques are quite rapidly changing, since 1996, the CFATF has been conducting a number of Typology Exercises on money laundering to increase awareness of the risks to the Caribbean. These typology exercises have already explored money laundering in domestic financial institutions, international financial transactions in offshore institutions, gaming industry and recent cyberspace technologies.