Compliance Excellence in the Caribbean Webinar
- January 30, 2025
- 10:00 am to 2:00 pm
- ONLINE
Webinar Description
The objective of this webinar is to enhance AML/CFT Compliance across Designated Non-Financial Businesses and Professions (DNFBPs) in the Caribbean by bringing together lawyers and leaders from regulatory agencies, NGOs and higher learning institutions to share valuable insights and raise awareness of emerging trends. The webinar covered several topics, including:
Video by Topic
- 1. Welcome and Opening Remarks; Presentation: Understanding the Role and Impact of the FATF and CFATF- A review of FATF Recommendations 22 & 23.
- 2. Panel Discussion- Analysis of the FATF Guidance for a Risk-Based Approach for Legal Professionals– An overview of the guidance issued for legal professionals.
- 3. Barbados and the Cayman Islands: AML in the Caribbean Case Studies– A look at FATF listing or grey listing in the Caribbean.
- 4. Joint Presentation- JAMBAR v GLC- Was it Right: A look at the procedural history of the Privy Case Attorney General v The Jamaican Bar Association [2023] UKPC 6 and its wider implications for the legal profession.
- 5. Key Issues in Beneficial Ownership, Compliance Monitoring and Enforcement– A look at FATF Recommendation 24.
- 6. Goals for Compliance; Closing Remarks.
Speaker Profiles
Download Resources
Missed our latest webinar on Compliance Excellence Across the Legal Profession? Don’t worry! You can now access and download all the resources from the event, including presentation slides, case studies, and informative materials. Enhance your knowledge and stay informed on the latest compliance trends and best practices by exploring our comprehensive resources.
Understanding the Role and Impact of the FATF and CFATF By Deena Marie Lord-Patterson, Legal Advisor, Caribbean Financial Action Task Force (CFATF)
Deena-Marie Lord-Patterson, Legal Advisor at the CFATF, delivered an insightful overview of the roles and functions of the Financial Action Task Force (FATF) and the Caribbean Financial Action Task Force (CFATF). She delved into their histories and the evolution of the FATF’s 40 Recommendations. Additionally, Deena-Marie discussed the mutual evaluation process and the implications of being listed by the FATF, providing attendees with a comprehensive understanding of these critical compliance issues.
Case Study on Grey Listing of Barbados and Cayman Islands, presented by VinciWorks Presentation by Nick Henerson-Mayo and Naomi Grossman, VinciWorks
Explore details on the FATF’s grey listing of Barbados and the Cayman Islands. These slides delve into the factors that led to their grey listing, such as deficiencies in their anti-money laundering (AML) and counter-terrorist financing (CFT) frameworks. The presentation discusses the implications for both jurisdictions, including increased scrutiny from international businesses and regulatory bodies. It also outlines the necessary steps for compliance and removal from the list, emphasizing the importance of implementing robust AML/CFT measures. Gain valuable insights into the FATF’s evaluation process and understand the impact on international business and regulatory practices.
Joint Presentation by M. Georgia Gibson Henlin, CD, KC and Emile Leiba, Jamaican Bar Association Attorney General et al v The Jamaican Bar Association [2023] UKPC 6
M. Georgia Gibson Henlin, CD, KC and Emile Leiba, Attorney-at-Law delivered a compelling presentation analyzing the Privy Council decision in Attorney General et al v The Jamaican Bar Association [2023] UKPC 6. This landmark case delved into the constitutional implications of Jamaica’s anti-money laundering regime on attorneys-at-law. The speakers highlighted the intricate balance between upholding legal professional privilege and ensuring regulatory compliance.
The presentation began with an overview of the case’s background, providing attendees with a clear understanding of the legal context and the issues that were at stake. Counsel then discussed the court’s rulings, focusing on the constitutional rights of attorneys and the extent to which these rights can be restricted in the interest of combating money laundering and terrorist financing.
One of the key points discussed was the impact of the decision on the legal profession in Jamaica. The speakers explored how the ruling affects attorneys’ obligations under the Proceeds of Crime Act (POCA) and the Anti-Money Laundering/Counter-Terrorism Financing (AML/CTF) framework. They also examined the broader implications for legal practitioners, emphasizing the need for heightened awareness and compliance with AML regulations.
Throughout the presentation, Georgia and Emile provided valuable insights into the challenges and opportunities arising from the Privy Council decision. They discussed practical strategies for navigating the regulatory landscape while maintaining the integrity of legal professional privilege.
Key Issues in Beneficial Ownership, Compliance Monitoring and Enforcement Nikesha M. Caesar, Chief Compliance Examiner, British Virgin Islands Financial Investigation Agency
Nikesha M. Caesar’s presentation, titled “Key Issues in Beneficial Ownership, Compliance Monitoring, and Enforcement,” highlighted the crucial roles and responsibilities of the British Virgin Islands Financial Investigation Agency (BVIFIA) in combating financial crimes. Nikesha emphasized the importance of maintaining accurate and up-to-date beneficial ownership information to prevent the misuse of corporate structures. She addressed challenges such as complex ownership structures, bearer shares, and nominee arrangements.
Nikesha outlined the rigorous compliance measures required for legal entities, including customer due diligence, meticulous record-keeping, and suspicious activity reporting. She discussed the enforcement actions and penalties for non-compliance, advocating for a risk-based approach and multi-pronged strategies to ensure transparency and accountability. Her presentation offered valuable insights into the regulatory framework, challenges, and forward-thinking strategies for enhancing compliance and mitigating financial crime risks within the non-profit and corporate sectors.