Dummy Text 4TH ANNUAL COMPLIANCE CONFERENCE - JUNE

Transcript:Dummy Text 4TH ANNUAL COMPLIANCE CONFERENCE - JUNE:
Dummy Text 4TH ANNUAL COMPLIANCE CONFERENCE - JUNE 20 2019 Understanding Sanctions National Risk Assessments within the Region AML/CFT Trends and Typologies within the Region Presenter: Calvin E J Wilson - Principal, Calvin Wilson and Associates Dummy Text Topics Understanding Sanctions AML/CFT Trends and Typologies within the Region NRAs within the Region Sanctions applicable due to Compliance Shortcomings Need to move from Talk to Action as per Caribbean Leadership What is the Caribbean Basin Region’s place in the world and how are we going to get there? Dummy Text Introduction In the face of threats both near at home and further afield, the world is becoming an even more dangerous place. As a consequence, at all strata of society risks, threats and vulnerabilities both existing and new are being assessed and measures to mitigate these risks are being considered and implemented. For example, the Boeing 737 Max 8 and 9 have been grounded globally due to the Lion Air and Ethiopian Airlines events. In New Zealand, gun legislation is to be changed due to the killing of 50 innocent persons at prayer in two mosques. Three persons killed in Utrecht, Netherlands. Dummy Text Dangers to the Caribbean Basin could be discerned in part from REGIONAL AML/CFT TYPOLOGIES Corruption; Use of Lawyers, Accountants, Stockbrokers' Clients’ Accounts; Real Estate; Jewelry and other High Value Goods Dealers; Prostitution, Human Trafficking; Movement of Small Arms and Ammunition; Tax Evasion and aggressive Tax Avoidance; Drug Trafficking; Charitable/Non-Profit Organisations, re: Fund and Support Terrorists Dummy Text Understanding Sanctions The orthodoxy of the FATF Recommendations and the Risk Based Approach within the context of the FATF/CFATF Mutual Evaluation Programme, sanctions are considered in the context of: 5 - Terrorist financing offence; 6 - Targeted financial sanctions related to terrorism & terrorist financing; 7 - Targeted financial sanctions related to proliferation; 35- Sanctions should be effective, proportionate and dissuasive sanctions, and should be applicable not only to financial institutions and DNFBPs, but also to their directors and senior management. Dummy Text Use of Sanctions and Other Economic Weapons to Achieve Foreign Policy Goals European Central Bank (ECB) in its annual report noted that the use of the euro in global foreign exchange reserves has risen at the expense of the dollar due to: The impact of international trade tensions; Challenges to multilateralism in world affairs; The imposition of unilateral sanctions. Calls for the invasion in Venezuela Flow of