JIS News

Minister of Finance and Planning, Dr. Omar Davies, has urged member countries of the Caribbean Financial Action Task Force (CFATF) and the entire Caribbean basin, to unite in the implementation of common counter measures against money laundering and the financing of terrorism.
The Minister pointed out that these illegal activities could cripple and destabilize any economy.”The scourge of high levels of crime, especially violent crime, is one that has persistently plagued Jamaica and other areas of the Caribbean. Sometimes, crimes such as money laundering, are not placed in the limelight because these financial flows are viewed as beneficial, despite their sources. This is a fallacy. Money laundering can destabilize an economy through added costs, loss of business confidence, unfair competition, and fundamental reputation damage to a country’s international image, losses of revenue and control over monetary policies. The need for global co-operation on all fronts is critical,” Dr. Davies stressed.
He was addressing the opening ceremony of the CFATF Ministerial Meeting at the Ritz Carlton Hotel in Montego Bay, yesterday (November 4).
The Minister said that the Ministerial Meeting represented a return of CFATF to its roots, in that Jamaica was the location for the initial signing of the Kingston Declaration on Money Laundering in November 1992.
He argued that although times had changed significantly since then, rather than declining, money laundering and the threat of money laundering have increased and have become even more menacing. “The events of 9/11 and the CFATF recommendations relating to the financing of terrorism have introduced a new and significant dimension to the previous focus on money laundering and on attacking the proceeds of crime. Efforts to combat terrorism have brought additional demands on each country’s resources and on the fortitude and dedication of the persons charged with protecting us against this threat,” Dr. Davies pointed out.
“Our chain of anti money laundering and combating the financing of only as strong as its weakest link. I submit that countries whose populace have a high demand for hard drugs have a strong obligation to attack these problems at the root. It is a problem we all face and to which there are no easy answers,” the Finance Minister said.
The CFATF is an organization of states and territories of the Caribbean basin, which have agreed to implement common counter measures against money laundering and the financing of terrorism. The main objective of the CFATF is to achieve effective implementation and compliance with its recommendations and to prevent and control money laundering and financing of terrorism.

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