The Organisation for Economic Co-operation and Development’s Global Forum on Transparency and Exchange of Information for Tax Purposes evaluated Sint Maarten’s regulatory framework for transparency and concluded that for the most part, the country has complied with the international standard.
The Caribbean Financial Action Task Force congratulated the financial intelligence units of Jamaica and St. Maarten for recently being added to the Egmont Group’s membership. Separately, CFATF also congratulated St. Lucia and St. Kitts and Nevis for exiting the group’s ICRG monitoring.
At least nine Caribbean banks that have lost access to U.S. correspondent accounts as a result of the “de-risking” trend now access U.S. dollars indirectly, usually at higher costs, through their ties to U.K. and other overseas financial institutions, sources told ACAMS moneylaundering.com.
Australian banks accused of weak AML controls, Russia appoints EU-blacklisted official as U.S. ambassador, and more, in the midweek roundup.
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