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Caribbean & Central America - March 2017 (ISSN 1741-4458)

REGION: AML efforts in English-speaking Caribbean constrained by capacity issues

One of the issues that has increasingly been worrying small Caribbean nations has been the contraction of correspondent banking. Speaking last year, CV Hope Strachan, the minister of financial services of the Bahamas, said that the main reasons for this are “risks in anti-money laundering and counter-terrorism financing (AML/CFT) and customer due diligence and know your customer (CDD/KYC) related concerns”. It is therefore of some significance that 12 countries in the English-speaking Caribbean are still listed in the 2017 International Narcotics Control Strategy Report (INCSR) as “countries of primary concern”.

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