Helping governments and public and private sector entities navigate the ever-changing global compliance landscape.
The FATF Recommendations and the Methodology are the tools used to assess whether countries possess and effectively implement legislative and institutional frameworks to combat money-laundering and the financing of terrorism.
For developing countries, the requirements of the assessment process are extremely onerous in both human and financial terms. Additionally, the lingering impacts of the global financial and economic crisis continue to bedevil the ability of some countries to allocate adequate resources to undertake the necessary legislative, institutional, and capacity building reforms that will ensure good assessment results.
The challenges encountered by these jurisdictions are reflected in the Fourth Round Mutual Evaluation Reports (MERs) published thus far by the Financial Action Task Force (FATF) and the nine FATF Style Regional Bodies (FSRBs). The published MERs demonstrate that the effective implementation aspect of the assessment process is proving increasingly challenging for some developed countries, but mostly so for the developing countries of the FSRBs.
Some jurisdictions find themselves being placed in Enhanced Follow Up, or in the active review or on standby status in a pool, with the FATF International Cooperation Review Group (ICRG) processes. These results are then used by other international organisations and rating bodies to classify such jurisdictions as high risk.
Altogether, such rankings attract dire reputation and economic repercussions for the provision of international financial services in these jurisdictions. One such repercussion is the ongoing de-risking/loss of correspondent banking relationships crisis, which continues to plague the Caribbean, much more so than any other part of the world. Further, these poor rankings adversely affect the ability of countries to attract and maintain foreign direct investment.
Calvin Wilson & Associates provide the following services to governments and both public and private sector entities to address adverse results from MERs and other international rating agencies:
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Areas of Expertise
STRATEGY AND PUBLIC AFFAIRS
Develop and provide Strategic and Public Affairs advice to Parliamentarians, Governments, Regional and International Organisations, Businesses, Professionals and the Public at large in response to the negative economic and reputation implications of those global compliance initiatives which deem countries to have weak Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) regimes that pose threats to the global financial system and which feed into the current crisis on De-risking and Loss of Correspondent Banking Relationships.
ANALYTICS AND ADVISORY
Provide up to date analysis and reports on a rolling basis, to all national stakeholders on developing money laundering trends and patterns, and how they are and could impact national, sector specific and international AML/CFT policy developments.
Contribute to the resolution of the ongoing De-Risking and Loss of Correspondent Banking relationships crisis, that continues to beset small and developing countries globally.
FOURTH ROUND MUTUAL EVALUATION AND COMPLIANCE SUPPORT
Assist jurisdictions to adopt an integrated, whole of government approach towards the Mutual Evaluation Process or other compliance requirements globally, so that the Assessment Reports accurately reflect that the national AML/CFT compliance architecture for all initiatives is at the highest levels, and is being effectively implemented.
Undertake global advocacy, public diplomacy and outreach, with the international standard setting, compliance, investment and media communities, with regard to national/regional AML/CFT and other compliance frameworks on behalf of countries.
TECHNICAL ASSISTANCE AND TRAINING
Coordinate with and secure technical assistance and training resources from the international donor community and assist with the delivery of Public Education and Awareness Raising initiatives to all national stakeholders on the AML/CFT standards, and the requirements of other international compliance initiatives, within a fast paced and ever changing global regulatory environment, using new and creative mechanisms to ensure that the information is available on a rolling basis and updated as evolving circumstances dictate.
Given current fiscal and economic challenges that beset most if not all small and developing states, Calvin Wilson & Associates offers a complimentary ninety-minute initial consultation to learn about you, your organization, your country and your needs to learn about how we can assist you to achieve your objectives within your budget.
To book an appointment please contact us directly or use the contact form below to ascertain if our expertise and experience are appropriate to meet your needs.