The International Monetary Fund (IMF) has highly recommended efffective implementation of the AML/CFT framework for all caribbean countries to strengthen the CIP as would help mitigate risks to the CIP, thereby protecting existing correspondent banking relationships.
Though Significant progress has been made in adopting and strengthening a risk-based supervisory AML/CFT framework applicable to all financial institutions and designated non-financial businesses and professions (including CIP agents). The due diligence process for screening CIP applicants that is currently in place has several layers to minimize the risks and additional measures are being taken to strengthen the CIP legislative framework.
Further active communication with counterparts in the EU and U.S. and other CIPs in the region should be maintained to keep all partners abreast of the progress of these reforms and to share best practices.
