An In-depth Look at the Financial Action Task Force (FATF) Forty Recommendations - Recommendation 2 - National Cooperation and Coordination

1. 1
ANTI-MONEY LAUNDERING/COUNTER FINANCING OF TERRORISM /COUNTER
PROLIFERATION FINANCING IN FOCUS
Part Four:
An In-depth Look at the Financial Action Task Force (FATF) Forty Recommendations-
Recommendation 2- National Cooperation and Coordination
By: The Attorney General’s Chambers
and the National Anti-Money Laundering Oversight Committee
The mandate of Financial Action Task Force (FATF) to control the scourge of money laundering,
terrorist financing and financing of the proliferation of weapons of mass destruction is one of great
importance to us in the Caribbean. Caribbean States are members of the Caribbean Financial Action
Task Force (CFATF) – a regional-styled body bounded by the Forty Recommendations. Full compliance
by member States requires a clear understanding of the Recommendations. This article will examine
Recommendation 2: ‘National Cooperation and Coordination’.
Recommendation 2 calls for countries to have national anti-money laundering/countering financing of
terrorism policies. These policies should be informed by the risks identified when the country conducts
its risk assessment as required by Recommendation 1, and should be reviewed regularly. It is also
recommended that there be a designated authority overseeing the implementation of the policies, or have
coordination or other mechanism that are exclusively responsible for these policies.
Saint Lucia should ensure that policy makers, enforcement authorities, the Financial Intelligence
Authority, supervisors and all other relevant competent authorities coordinate with each other from a
policy and operational level to combat money laundering, terrorist financing and financing of the
weapons of mass destruction. Additionally, these institutions should have mechanisms in place which
are effective enough to allow them to cooperate which each other regarding the development and
implementation of policies and activities to nullify these three problem areas.
This Recommendation calls for a collaborative approach between the stakeholders in the private and
public sectors and demonstrates the gains that can be made when working together. In September 2019
Saint Lucia will have its on-site visit by the assessors from the CFATF, who will be on island
interviewing stakeholders. In addition to the other thirty-nine Recommendations an examination will be
done of how effectively Recommendation 2 has been implemented and a rating will be assigned. One
of five ratings can be received: Compliant, Largely Compliant, Partially Compliant, Non-Compliant or
Not-Applicable. It is the primary objective of the National Anti-Money Laundering Oversight
Committee (NAMLOC) to prepare for this assessment.
Every Saint Lucian is encouraged to learn more about combating money laundering, terrorist financing
and financing of the proliferation of weapons of mass destruction and corporate with agencies in this
fight.