ECCB 2022-2023 Annual Report and Financial Statements

Eastern Caribbean Central Bank Annual Report 2022 - 2023

to participate in the mentorship programme, with five countries benefitting from the training in practical on site examinations during the year. Mutual Evaluation Assessments The ECCB played an integral role in assisting member countries with their 4 th Round Mutual Evaluation process. The Caribbean Financial Action Task Force (CFATF) commenced its 4 th Round Mutual Evaluations (MEVAL) for the Commonwealth of Dominica and Saint Vincent and the Grenadines during the financial year. The ECCB was instrumental in the completion of the relevant technical compliance and effectiveness questionnaires, and participated in interviews with the CFATF. Fostering collaboration and cooperation amongst the various member countries remains a critical area of focus for the ECCB, as it aims to strengthen the overall AML/CFT/CPF supervisory regime.

management of LFIs in the Commonwealth of Dominica and Saint Vincent and the Grenadines, in keeping with its AML/CFT/CPF supervisory remit. The aim of the training was to generate an understanding of the NRA process, and how to utilise the inherent risk, threats and vulnerabilities from the NRA to guide institutional ML/TF/PF risk assessments. The training also focused on AML/CFT/CPF governance and the compliance framework at the participating institutions. Responding to the Needs of ECCU Citizens External Sector Statistics Developments During the financial year, the Bank focused on the compilation of the External Sector Statistics (ESS) for the period 2021 with projections for 2022 and 2023. As part of this exercise, the Bank administered surveys to regional and international organisations on behalf

of the ECCU member countries. In addition, the Bank resumed in country compilation missions during the period July to October 2022, the first time since the COVID-19 pandemic. The Bank released

For the first time, the Bank released country-specific metadata documents on it website and the ICS to guide data users of the Balance of Payments and International Investment Position Statistics estimates.

Accordingly, the ECCB contributed to the good work of the various National Anti-Money Laundering Oversight Committees on which it serves. Two member

the estimates via the ECCB’s website and the IMF’s Integrated Collection System (ICS) on 31 December 2022. For the first time, the Bank released country specific metadata documents on it website and the ICS to guide data users of the Balance of Payments and International Investment Position Statistics estimates. To meet the needs of external data users, the Bank also commenced the dissemination of quarterly external sector indicators and an Advance Release Calendar (ARC) for the ESS. During the financial year, the CARTAC supported the Bank through missions aimed at enhancing the ESS. Training of compilers within the ECCU and stakeholder

countries have taken the proactive approach in updating their National Risk Assessments (NRAs) and the ECCB conducted an ML/TF/PF risk assessment for the relevant banking sectors, towards the NRA. The conduct of NRAs remains fundamental to the application of a risk-based programme, through the identification of national risks, threats and vulnerabilities. The assessment seeks to ensure that adequate resources, as well as mitigating controls are directed to the areas that pose a heightened risk level.

Training at LFIs The ECCB delivered specific training to senior

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