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Haitian AML, Terror Finance Laws ‘Insufficient,’ Says World Bank
printHaiti, a major transit hub for drugs in the Americas, hasn't effectively implemented anti-money laundering regulations that went into effect seven years ago, and has yet to criminalize terrorist financing, a watchdog group said. The country, one of the poorest in the Western hemisphere, needs to expand its anti-money laundering (AML) laws to include provisions on beneficial owners, politically exposed persons and correspondent bank accounts, the World Bank said in a 124-page report. Without these changes, Haiti's money laundering and counter-terrorist financing regime is "insufficient, ineffective and weakly coordinated," the Washington, D.C.-based organization, which gives financial and technical assistance to...
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