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Financial Crimes - part of discussions at CSI conference, Barbados

Release Date: 
Wednesday, August 14, 2013

 

Implement robust AML compliance programmes says Deloitte Executive

BARBADOS : 15 August, 2013 -  The Caribbean has been mentioned by two recent United Nations and United States Department of State reports as a region vulnerable to money laundering associated with illegal narcotics and the laundering of criminal proceeds.  
This was noted by former United States banking regulator and international financial consultant Frederick Curry as he reflected on the reasons that small open economies in the Caribbean should adhere strictly to anti-money laundering (AML) measures and international benchmarks.
Curry, who is the principal of the Forensic & Dispute Services practice of the Washington-based Deloitte Financial Advisory Services, noted that some Caribbean islands look to foreign direct investment for economic growth but international investors could be prevented from channelling investments into countries that did not exhibit strong money laundering controls and the will to prosecute financial crimes.
The Deloitte executive made these observations as he discussed the messages he intended to send to those in attendance at the 34th annual Crime Stoppers International Conference, which he will be speaking at on October 2, at the Hilton Barbados, Needhams Point, St. Michael.
Curry said one of the main messages that he wanted to send was that combating money laundering in the Caribbean required a coordinated effort between strong financial institutions and law enforcement committed to prosecuting such crimes.
He further advised financial institutions to implement robust AML compliance programmes, which he said should be built around four pillars: instituting a designated AML officer to monitor, coordinate and report financial crimes; implementing a well-defined comprehensive AML programme with written policies, procedures and controls; ongoing role-based training and education for employees to ensure they recognise what should be red-flagged; rigorous independent testing of the programme to ensure it is being implemented effectively.

For further information please contact: Devrol Dupigny at 246-230-2330 or devrold@csiworld.org
 

       

 

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