Kenneth Rijock

Kenneth Rijock

Tuesday, December 24, 2019

GEORGIA PUBLISHES ITS LIST OF HIGH-RISK MONEY LAUNDERING JURISDICTIONS: EAST CARIBBEAN DOMINATES LIST



The National Bank of the Republic of Georgia has published a list of what it has designated as the twenty-five countries it considers to be at high risk for money laundering. It should be no surprise that most of the East Caribbean states are listed, as their local financial institutions, for the most part, have not reached the level of Banking Best AML/CFT Practices that exist in North America and in the countries of the European Union. It is, in my humble opinion, a combination of factors that is responsible, but the banks appear to be in no hurry to adopt effective platforms and programs, and as a result de-risking of Caribbean banks continues unchecked.

The Caribbean jurisdictions named:

ANGUILLA
ANTIGUA & BARBUDA
DOMINICA
BAHAMAS
CAYMAN ISLANDS
ST VINCENT & THE GRENADINES
TRINIDAD & TOBAGO
TURKS & CAICOS

Therefore, please note that more than one-quarter of the jurisdictions on the list come from the Caribbean, Compliance officers who must calculate and update Country Risk for management please factor this information into your assessment.

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