ICAEC Representatives Attend IFAC–IBA Anti-Money Laundering Capacity Building Workshop

Stringent measures have been firmly established by dedicated regional units to combat the pervasive issue of money laundering, which has significant repercussions for the Caribbean community and beyond.

Members of the Councils of the Institute of Chartered Accountants of the Eastern Caribbean (ICAEC) actively participated in the inaugural International Federation of Accountants (IFAC)–International Bar Association (IBA) Professional Body Anti-Money Laundering Capacity Building Workshop, held in the Cayman Islands from October 28 to 30.

Andrea St. Rose, President of the ICAEC, and Joanne Cooper, Public Relations Officer, represented Saint Lucia with distinction.

This comprehensive three-day workshop convened accounting and legal professionals from across the region, empowering them to reinforce their vital roles as “gatekeepers” in the global fight against money laundering, terrorist financing, and proliferation financing.

Experts from the Financial Action Task Force (FATF), Caribbean Financial Action Task Force (CFATF), IFAC, IBA, and the World Bank delivered critical insights and best practices, enhancing professional vigilance and compliance in this essential area.

Key priorities included ensuring beneficial ownership transparency and clarifying the responsibilities of Designated Non-Financial Businesses and Professions (DNFBPs), such as lawyers and accountants, in upholding international standards and safeguarding the integrity of financial systems.

In the aftermath of the workshop, the ICAEC Saint Lucia Branch committed to actively collaborating with the Financial Intelligence Unit (FIU), the National Anti-Money Laundering Oversight Committee (NAMLOC), and other regulatory bodies.

This collaboration will promote awareness, strengthen professional capacity, and educate members and the public as Saint Lucia prepares for the impending 5th Round Mutual Evaluation.