BRIDGETOWN, Barbados — The European Union and the Caribbean Financial Action Task Force (CFATF) have signed an agreement to enhance the region’s capacity to comply with standards relating to anti-money laundering and combating the financing of terrorism.

This will be undertaken via the implementation of a mutual evaluation programme which will evaluate compliance in the financial and related sectors in CFATF member countries, to ensure that international standards are adhered to.

One of the main specific actions will be assisting countries in improving their levels of compliance with the international Financial Action Task Force’s 40 recommendations, which provide a complete set of counter measures against money laundering covering the criminal justice system and law enforcement, the financial system and its regulation, and international co-operation. These recommendations have been recognised, endorsed or adopted by many international bodies.

Barbados recently hosted the CFATF XLVIII Plenary and Working Group meetings from 19-23 November in preparation for Barbados taking over the chairmanship of CFATF from Guyana. During Barbados’ chairmanship the results and reviews of the mutual evaluation reports will continue to be reviewed and discussed.

The project is also expected to undertake a series of workshops and seminars to build technical capacity, carry out public education and awareness activities, and develop an Information Communication Technology platform called Vision 22 which will allow CFATF members to access resource databases.