Advertisement

Advertisement

CFATF Fourth Mutual Evaluation team
CFATF Fourth Mutual Evaluation team

Montserrat Excels in Global Anti-Money Laundering Evaluation

The Government of Montserrat announced today that the island has successfully completed the Fourth Round Mutual Evaluation of its Anti-Money Laundering, Counter Financing of Terrorism, and Countering Proliferation Financing (AML/CFT/CPF) Framework, conducted by the Caribbean Financial Action Task Force (CFATF). This marks a significant milestone for the island, affirming its commitment to global standards in combating financial crimes.

As the smallest member of CFATF in terms of population and GDP, Montserrat demonstrated remarkable progress, achieving ratings that highlight its ability to align with international standards despite resource constraints.

Evaluation Process and Results

The Mutual Evaluation Report (MER), conducted by independent assessors in April 2024, reviewed Montserrat’s AML/CFT/CPF framework in two critical areas:

  1. Technical Compliance – Assessed the robustness of Montserrat’s legal, regulatory, and institutional frameworks against the 40 FATF Recommendations.
  2. Effectiveness – Evaluated how well these frameworks were applied in practice using the 11 Immediate Outcomes as benchmarks.

The evaluation results, approved at the CFATF Plenary in Jamaica in December 2024, are as follows:

  • Technical Compliance:
    • 18 Fully Compliant (C) ratings
    • 16 Largely Compliant (LC) ratings
    • 6 Partially Compliant (PC) ratings
  • Effectiveness:
    • 2 Substantial Effectiveness (SE) ratings
    • 7 Moderate Effectiveness (ME) ratings
    • 2 Low Effectiveness (LE) ratings

These results ensure that Montserrat will not be placed on the FATF grey or black list, meaning the jurisdiction will not face increased monitoring.

Key Contributors to Success

This achievement was made possible through the efforts of Montserrat’s National Anti-Money Laundering and Countering Terrorist Financing Committee (NAMLAC), chaired by Attorney General Sheree Jemmotte-Rodney, alongside other key stakeholders:

  • Cabinet and Legislative Assembly: Provided high-level political commitment to approve key policies, strategies, risk assessments, and legislation.
  • Governor’s Office: Supported by Governor Sarah Tucker and key advisors.
  • Attorney General’s Chambers (AGC): Led by Sheree Jemmotte-Rodney and supported by Deron Boyce, National Risk Mitigation Officer.
  • Ministry of Finance: Represented by Kenya Lee (Acting Financial Secretary) and Dulcie James (Policy Advisor).
  • Financial Services Commission (FSC): With contributions from Fabian Singh (Commissioner) and Donilia Cuffy (Deputy Commissioner).
  • Financial Intelligence Unit (FIU): Led by Charles Thompson (Director during the assessment period) and Jessica Sweeney (Deputy Director).
  • Montserrat Customs and Revenue Services (MCRS): Peter White (Director General) and team.
  • Royal Montserrat Police Service (RMPS): Commissioner Mark Payne and team.

Special thanks were extended to the UK’s His Majesty’s Treasury Office for their support throughout the process.

Looking Ahead

While celebrating this milestone, Montserrat remains committed to addressing deficiencies identified in the report and refining its frameworks to maintain alignment with international standards.

The Attorney General expressed her heartfelt gratitude to all team members and individuals involved in this success. “This achievement is a testament to the power of collective action, resilience, and the strength of our institutions, proving that even the smallest jurisdiction can deliver results on par with the global network,” she said.

“This accomplishment showcases Montserrat’s ability to thrive on the global stage despite its size, serving as a reminder that with determination, strategic planning, and collaboration, even the smallest of jurisdictions can turn limitations into opportunities for excellence,” she added.

Montserrat’s accomplishment reaffirms its position as a trustworthy jurisdiction and boosts confidence among international stakeholders and investors. The island continues to lead by example, proving that even the smallest jurisdictions can make a significant impact.

 

Advertisement

Advertisement

Scroll to Top