------- news release 19 february 2005 the following remarks were made by governor of the bank of jamaica, the hon. derick latib


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News Release
19 February 2005
The following remarks were made by Governor of the Bank of Jamaica,
the Hon. Derick Latibeaudiere, O.J. at the opening of the week-long
workshop for examiners held at the Bank’s Training Institute, from
14-18 February 2005.
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WORKSHOP FOR MUTUAL EVALUATION EXAMINERS ON THE 2004 IMF/WORLD BANK
AML/CFT ASSESSMENT METHODOLOGY
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Let me extend to you all a warm Jamaican welcome to the Bank of
Jamaica and to this workshop. Special welcome to the representatives
from the Caribbean Financial Action Task Force (CFATF), International
Monetary Fund (IMF), World Bank, and our visitors from Central America
and the Caribbean.
News reports show record low temperatures in North America this
winter, so I therefore trust that our visitors from that region will
particularly enjoy our tropical climate this week.
I recall that it was not too long ago that we hosted a similar
training programme on what was then a new methodology for evaluating
anti-money laundering frameworks. It seems to me that the speed with
which the assessment methodologies have been evolving is true
testimony to the dynamic nature of money laundering and terrorism
financing.
Recent trends indicate that although currency is still the primary
form of illegal proceeds and although financial institutions remain
the most common avenue for money laundering, new AML/CFT challenges
are emerging from electronic money, internet banking, internet casinos
and other state-of-the-art forms of money transfer. This makes it very
difficult to apply the standard AML/CFT techniques, including “Know
Your Customer” and requires that regulators and supervisors impose
even more stringent methods of detection, prevention and sanctions.
These developments also call for a dynamic response from national
authorities to ensure that their economies and societies are protected
from the scourge of money laundering.
Consequently, we welcome this workshop from which we hope to gain
fresh insights into the new methodology that has been developed by the
IMF and assistance in adopting more proactive mechanisms for
countering the twin threats of money laundering and terrorism
financing in our respective jurisdictions.
The reports from various regional CFATF meetings have indicated that
the entire Caribbean region remains committed to the fight against
money laundering and terrorist financing activities. Our countries are
at various stages of endorsing the international standards and
recommendations for best practice, but more importantly, our
respective jurisdictions are all actively involved in the initiatives
to give practical effect to these standards.
Furthermore, the seriousness with which the Caribbean as a region
treats with anti-money laundering and terrorist financing measures, is
reflected in the fact that several individual jurisdictions have
already subjected themselves to mutual evaluation examinations.
For Jamaica, this workshop is extremely timely. We will, within the
next few months, undergo the full range of evaluations related to this
subject area. The advantages that we expect to gain from this week’s
training are therefore of significance to Jamaica.
However, our interests are not purely selfish, for Jamaica is not only
committed to the promotion of sound anti-money laundering measures
within our borders, but we are also dedicated to ensuring that these
measures are entrenched in the wider region. Indeed, we have
participating from within the public sector, six senior officers who
are being trained as evaluators to take part in the peer assessment
exercises of our Caribbean neighbours. The support of CFATF members as
indicated by the large representation of jurisdictions registered here
today, further underlines the region’s commitment to adopting and
applying new international standards and methodologies.
With regard to Jamaica, the Government has made significant strides in
amending and enacting appropriate legislation to prevent and detect
money laundering and financial terrorism. From as far back as 1994,
the Drug Offences (Forfeiture of Proceeds) Act was passed. In 1996, we
had the passage of the Money Laundering Act (MLA) and in 1997, the
Money Laundering Regulations. The MLA was subsequently amended in 2002
to widen its scope to include money transfer and remittance agencies.
Further strengthening of the legislative framework continues. In
December 2004, the Senate approved amendments to the financial
legislation, geared towards increasing the powers of disclosure of
information to the Financial Investigations Division of the Ministry
of Finance, and to the sharing of information with overseas regulatory
authorities. Further amendments to the Money Laundering Act and the
Financial Investigations Act are currently before a Joint Select
Committee of Parliament. These amendments are aimed at fully aligning
the country’s money laundering legislation with existing international
guidelines.
The developments in the legislative framework are being complemented
by operational initiatives in various public sector organizations that
are involved in different aspects of the measures to counter money
laundering activities.
As supervisor for the deposit-taking financial sector, the Bank of
Jamaica first issued money laundering guidelines to its supervisees in
1988. Since then, these guidelines have undergone substantial updates,
the most recent being in 2004 when they were upgraded to take account
of the ‘Eight Special Recommendations’ on Terrorist Financing which
were issued by the Financial Action Task Force (FATF) during 2003.
These guidelines also give recognition to the Best Practice Standards
for Customer Due Diligence Procedures issued by the Basel Committee on
Banking Supervision. The Financial Services Commission, which has
responsibility for non-deposit-taking financial institutions such as
insurance companies, securities dealers, unit trusts and mutual funds,
has also recently issued similar guidelines.
The Bank of Jamaica actively participates in national efforts to
ensure that Jamaican financial intermediaries are not being used as
conduits for the funding of terrorist groups. The Central Bank chairs
a Financial Crimes Task Force that has been charged with the
responsibility of making proposals for relevant amendments and/or
enactment of legislation covering all facets of financial crime,
inclusive of money laundering, terrorism financing, and related
issues. These efforts have culminated in the legislative amendments
that were referred to earlier.
In closing, let me stress the importance of the collaborative efforts
of the relevant authorities within jurisdictions, regionally and
internationally, in ensuring the effectiveness and success of the
AML/CFT measures. The effectiveness and success of these measures
depend critically on this collaboration. I therefore trust that the
combined efforts of all our Caribbean colleagues will restrict those
who seek to exploit our financial systems and corrupt our economies
and societies for their own selfish gains.
I believe that over the next five days the sessions will serve to
strengthen the capacity of our examiners and facilitate the
application of the new 2004 IMF/World Bank Assessment Methodology as
the basis for future Anti-Money Laundering/Combating of Financing
Terrorism (AML/CFT) assessment exercises.
In the meantime, I wish to thank the Caribbean Financial Action Task
Force, the International Monetary Fund and the World Bank, for the
timely scheduling of this workshop. I hope that you will all have a
very productive week, as you learn how to implement the IMF 2004
Assessment Methodology and draw on the wealth of knowledge of the
presenters and the experience of your fellow participants. To all our
overseas visitors, I hope that you will find some time to make it
Jamaica again in the near future, when you can relax and explore our
beautiful island.
Thank you.
4

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