ECCB 2023-2024 Annual Report

EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2023 - 2024

and the Role of LFIs – the training defined who are VASPs, discussed LFIs’ potential exposure to virtual assets and VASPs, and discussed the the role of LFIs in the management of risk posed by VASPs. C aribbean D evelopment B ank M entorship P rogramme The ECCB’s AML/CFT Mentorship Programme aimed to harmonise the approach to the conduct of risk- based AML/CFT/CPF examinations across the various ECCB member countries and built on the World Bank’s risk-based approach to AML/CFT Supervision and Monitoring Toolkit, is ongoing. This programme is funded and supported through the Caribbean Development Bank’s (CDB’s) technical assistance project, “Improving Integrity and Financial Transparency of the Eastern Caribbean Currency Union”. Montserrat was the sixth ECCB member country to benefit from the ECCB’s AML/CFT mentorship Programme, from 10-21 July 2023. The ECCB

assisted the Financial Services Commission (FSC) in Montserrat with conducting a risk-based AML/CFT/CPF examination at an LFI. As part of the engagement, the ECCB also conducted training sessions on AML/CFT/CPF governance and core examination areas with the FSC. The Commonwealth of Dominica, Saint Lucia, Grenada, Saint Vincent and the Grenadines, Saint Christopher (Kitts) and Nevis, benefited from the mentorship programme in the 2022 2023 financial year. S trengthening the S upervisory R egime Mutual Evaluation Assessments The ECCB contributed towards the 4 th Round Caribbean Financial Action Task Force (CFATF) Mutual Evaluation process of ECCU countries. Over the review period, the CFATF completed its 4 th Round Mutual Evaluation Report (MEVAL) for Saint Vincent and the Grenadines with a culmination of its on-site assessment over the period 20 – 31 March 2023. The ECCB contributed to the completion of the relevant technical compliance and effectiveness questionnaires, and participated in interviews with the CFATF. CFATF R e -R atings Saint Lucia presented its 3 rd follow-up report at the 57 th meeting of the CFATF Plenary, held in November 2023. The ECCB currently serves as a member of the National Anti-Money Laundering Oversight Committee (NAMLOC), and contributed to the technical re-ratings for Saint Lucia. Saint Lucia achieved technical compliance re-rating upgrades of ‘compliant’ and ‘largely compliant’ for 20 recommendations.

Participants of the ECCB’s AML/CFT Mentorship Programme held in Montserrat: July 2023

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