His Excellency, Governor Peter Waterworth. *Photo credit: ukinmontserrat.fco.gov.uk

BRADES, Montserrat (February 19, 2010) – The Caribbean Financial Action Task Force is currently undertaking a review of the laws and systems of the anti-money laundering and the combating of financing of Terrorism regime in Montserrat.  For this purpose, five members of the CFATF Team, experts in financial services, legal and law enforcement has begun conducting the review of the jurisdiction.

On Thursday the team met with Chief Minister Reuben T. Meade, who has responsibility for the ministry of finance, and His Excellency, Governor Peter Waterworth as part of the evaluation process.

According to Dulcie James, Chair of the Montserrat’s National Anti-Money Laundering and Combating of Financing of Terrorism Regime & Head of the Financial Services Commission, “the review comprises detailed examination of the laws, supervisory functions of the regulator, and compliance procedures applicable to service providers in Montserrat to ascertain whether the jurisdiction complies with international standards.

“In particular, they will review the regime against the Financial Action Task Force 40 Recommendations in respect of prevention and detection of money laundering and the nine (9) Special Recommendations in respect of the reporting of information regarding terrorist financing,” James said in a release.

The CFATF Team will be in Montserrat from 15-26 February 2010 and their report and detailed findings will be presented to Montserrat for approval and the Council of Ministers of the regional members of the CFATF in the latter part of this year.

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