Panamanian Presidency Realises A Longstanding Cfatf Training Dream

This initiative from the Government of Spain comes at an opportune juncture and provides extremely generous financial support towards the ability of Spanish-speaking members in the Caribbean Basin Region, to build strong and robust defences in the fight against transnational organized crime ." So stated the Honourable Delia Cardenas, Superintendent of Banks, Panama and current President of the Caribbean Financial Action Task Force at its twenty first Plenary Meeting held in Guatemala City, Guatemala during April 25-27, 2005.

This is indeed, the realization of a longstanding dream that the CFATF should institute for the benefit of its now eight Spanish-speaking members, an ongoing training program to equip legal/judicial, financial and law enforcement officials with the knowledge and tools to fight money laundering and the financing of terrorism.

Delivering the good news to Plenary delegates on behalf of Spain was Ms. Conchita Cornejo Garcia, Consejero Técnico, Subdirección General de Inspección y Control de Movimientos de Capitales Dirección General del Tesoro y Política Financiera.

As Spain noted Ms. Cornejo Garcia noted at the Plenary, that the U.S. 130, 000 programme was a first step in empowering the CFATF to be fully involved in enhancing the AML/CFT regimes in Costa Rica , Dominican Republic , El Salvador , Guatemala , Honduras , Nicaragua , Panama and Venezuela , whilst at the same time improving the visibility of the organization in these countries. The establishment of robust regimes to prevent money laundering and terrorism financing is a key condition to the sound and efficient development of the financial sector in a more and more open environment in Latin America .

Calvin Wilson, Executive Director, CFATF Secretariat and the representatives of Spain Mr. Juan Antonio Aliaga Méndez, Deputy Director of Inspection and External Transactions, Ministry of Economy and Finance and Spanish Prime Contact to the CFATF had previously hammered out the framework for the delivery of the training seminars, which will cover the following areas:

•  Transfer of funds overseas in the area of prevention of money laundering and terrorist financing; risks in the use of cross board cash transfers.

•  Transparency and 'know your client' in associations, corporate groups and other legal entities.

•  Enhancement of the mechanisms used in the struggle against terrorist financing.

•  Legal Framework in Money Laundering.

•  Growth of on site inspections of the measures implemented against money laundering and terrorist financing.

Designed to expound fully on the theoretical aspects of the above subject matters, these highly interactive seminars will also explore practical case studies and will be delivered by knowledgeable and experienced Spanish consultants who are well recognized in their particular disciplines.

Participants for the seminars would be drawn from Financial Intelligence Units, Financial Investigations Units, the Office of the Public Prosecutor, Superintendents of Banks, other supervisory bodies and the Attorney General's department.

Still basking in the glow of not having to provide any further Progress Reports to the FATF Plenary within the context of being monitored under the FATF Non Co-operative Countries or Territories Initiative, Guatemala has seized the opportunity to continue its ongoing efforts to strengthen the country's AML/CFT defences by expressing its interest in the following seminars:

•  Legal Framework in Money Laundering;

•  Enhancement of the Mechanisms used in the struggle against Terrorist Financing.

Nicaragua has also advised of its interest in these two seminars. It is expected that the other members would advise the Secretariat of their areas of interest in due course.

In demonstrating its firm commitment to continue its longstanding partnership with the CFATF, Spain has requested that the eight countries provide through the Secretariat information on their legal, financial and law enforcement training needs so that additional Seminars tailored to meet these needs could be formulated for the future.

Given the increasing complexity of the threats that countries face from criminals and terrorists, President Cardenas is pleased that the CFATF can be assured of the continued support from such a close international partner.