#QuickBiteCompliance Day 45
🌍 How the Caribbean Stays Safe from Money Crime 🌍
Did you know there’s a superhero team in the Caribbean fighting financial crime? 🦸♀️🦸♂️ It’s called the Caribbean Financial Action Task Force (CFATF)! This team works with countries like Jamaica, the Cayman Islands, and the Bahamas to stop bad guys from using money to do bad things.
Here’s how some bad guys try to cheat the system:
Hiding stolen money: A thief might pretend their money came from selling boats in the Caribbean. But really, they stole it somewhere else!
Funding dangerous activities: Criminals might secretly send money to groups that cause harm, hiding the transfers in fake businesses.
Buying fancy things to “clean” dirty money: Ever heard of a criminal buying expensive cars or houses? They sometimes use Caribbean countries to make the money look legal.
CFATF helps by:
✔️ Checking banks to make sure they’re not helping bad guys (even by accident).
✔️ Sharing tips between Caribbean nations to catch sneaky moves.
✔️ Teaching countries how to build strong laws to fight financial crime.
Let’s cheer for this team keeping money safe and honest! 🙌
#AntiFinancialCrime #CFATF #CaribbeanFinance #StopMoneyLaundering #AML #FightingFinancialCrime
#InclusiveRegtech #OpenSourceAML
Source: https://www.acams.org/en/resources/aml-glossary-of-terms
