This report was prepared by the Legal Department of the International Monetary Fund (IMF). It provides a summary of the Antimony Laundering and Combating the Financing of Terrorism (AML/CFT) measures in place in St. Vincent and the Grenadines (SVG) and of the level of compliance with the FATF 40+9 Recommendations, and contains recommendations on how the AML/CFT system could be strengthened. The assessment is based on the information available at the time of the mission. The preventive measures regime covers most of the financial and designated nonfinancial businesses and professions (DNFBP) sectors.
information subsequently provided by the authorities. During the mission, the assessment team met with officials and representatives of all relevant government agencies and the private sector. A list of the bodies met is set out in Annex II to the detailed assessment report.
The assessment was conducted by a team of assessors composed of two staff of the International Monetary Fund (IMF) and two expert acting under the supervision of the IMF: Manuel G. Vasquez (LEG staff, team leader and financial sector assessor); Moni Sengupta (LEG staff and lawenforcement/FIU assessor
five years, appear to be low given the extent of drug trafficking believed to be taking place in or through SVG . In addition, the available statistics do not reflect the potential for ML and FT associated with the international financial (offshore) services sectors.
11. The FIU is well established and operational, with sufficient legal authority and a highly motivated and professional staff . It is the primary AML/CFT institution in SVG, and is constituted as a hybrid administrative/lawenforcementFIU reporting to the Minister of Finance. In addition to its core
, the establishment of an FIU is received without enthusiasm. The public feels threatened by the potential misuse of their financial data, and reporting institutions worry about the reaction of their customers if they assist the FIU in its work. Trust is not there at the beginning. These problems can be particularly acute for a law-enforcementFIU, since entities that cooperate with the FIU may appear involved in police work and investigations. For administrative-type FIUs, counterpart law-enforcement agencies may not have supported the establishment of the FIU and
supervisory agencies, the FIU and law enforcement, and among supervisory authorities) and with foreign authorities (whether lawenforcement, FIUs, or supervisory authorities). With respect to international cooperation, in a number of cases, comprehensive mutual legal assistance legislation and/or additional multi- and bilateral agreements were needed.
Implementation of AML/CFT regimes beyond the traditional sectors was another area where weaknesses were identified. In some cases, nonbank financial institutions, such as insurance, securities market intermediaries, and
This paper discusses key findings of the Detailed Assessment of Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) for Denmark. It describes and analyzes AML/CFT measures in place in Denmark, and provides recommendations on how certain aspects of the system could be strengthened. It also sets out Denmark’s levels of compliance with the Financial Action Task Force Forty (FATF) 40+9 Recommendations. The assessment reveals that Denmark has a solid AML/CFT framework, recently updated with a new AML/CFT law that should provide a sound basis for an effective AML/CFT regime.
given to making possible a higher degree of cooperation between the Danish FIU and administrative FIUs.
There is in practice no difference in the scope of cooperation the Danish FIU is able to afford to administrative FIUs compared with that given lawenforcementFIUs. Danish authorities have noted that all requests from FIUs, whether administrative or law enforcement, made in accordance with the Egmont Group requirements, have been granted. Danish authorities must make a determination under the Danish Public Administration Act, that an exchange may take place
Europe. Collect and evaluate appropriate statistics relating to extradition requests.
Other Forms of Cooperation (R. 40, SR.V & R.32)
Maintain more comprehensive statistics on lawenforcement, FIU and supervisory international cooperation.
Authorities’ response : The authorities are in broad agreement with the assessment.
Stress Tests—Market Risk
Market risk stress tests were based on single factor shocks and focused on: (i) interest rate risk; (ii) equity and real estate price risk; and (iii) foreign exchange risk. Banks
The Financial System Stability Assessment of Denmark has been developed to identify the weakness in the financial sector structure and thereby enhance the resilience to macroeconomic shocks and cross-border contagion. This paper provides the overall stability assessment of the financial system and the autonomy and accountability of the Danish Financial Supervisory Authority (DFSA). It reviews the macroeconomic setting, financial structure and risks. The study also analyzes the financial markets, their structure and safety nets, and assesses financial supervision, standard assessments, and key recommendations to improve the Anti-Money Laundering and Combating the Financing of Terrorism (AML-CLT) system.