Caribbean Financial Action Task Force (C)FATF and Financial Action Task Force (FATF)

The FATF is an inter-governmental body, with 36 members. The FATF has created 8 FATF Style Regional Bodies, such as the CFATF. Aruba being part of the Kingdom of the Netherlands is both a member of the FATF and CFATF. 

The FATF Recommendations require all countries to have effective systems for preventing and addressing money laundering, terrorist financing and the financing of proliferation of weapons of mass destruction. The FATF conducts mutual evaluations of each member on an ongoing basis to assess the level of implementation of the FATF Recommendations.

(C)FATF warning lists

Following each plenary meeting of the Financial Action Task Force (FATF), the FATF issues public statements identifying jurisdictions that have strategic deficiencies in their regimes for anti-money laundering, combating the financing of terrorism and the financing of proliferation (AML/CFT/CPF). These public statements are as follows:

1. FATF Public Statement on High-Risk Jurisdictions subject to a Call for Action: this statement identifies high-risk jurisdictions that have serious deficiencies in their AML/CFT/CPF system which might pose risks to the international financial system. With regard to the jurisdictions on this statement, the FATF calls on its members and urges all jurisdictions to apply enhanced due diligence, and in the most serious cases, countries are called upon to apply effective counter-measures in order to protect their financial sectors from the ongoing money laundering, terrorist financing and proliferation financing risks emanating from these jurisdictions.
2. FATF Public Statement on Jurisdictions under Increased Monitoring: this statement identifies, on an ongoing basis, jurisdictions that have strategic AML/CFT/CPF deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing. The FATF calls on its members to consider the risks arising from the AML/CFT/CPF deficiencies associated with these jurisdictions and calls for the application of a risk-based approach.

Link to FATF website  

Link to CFATF website

These public statements are published on the (C)FATF’s website and the CBA notifies entities under its supervision by letter about (changes of) the high-risk jurisdictions subject to a call for action and the jurisdictions under increased monitoring. The letters include specific actions that must be taken by the supervised entities.