Director of Compliance Association says more Action Needed in Tackling Money Laundering

Bribery, money laundering, corruption, virtual currency and citizenship by investment were but a few of the pertinent topics discussed at a two-day conference this week, convened by the Caribbean Regional Compliance Association. A not-for-profit regional organisation, the CRCA prides itself on influencing and educating the region in matters relating to compliance. The organisation comprises compliance associations in Antigua, the Bahamas, Barbados, Bermuda, the British Virgin Islands, the Cayman Islands, Curacao, Trinidad, and Turks and Caicos. 

This year’s conference, the thirteenth consecutive, kicked off at the Royalton resort on Thursday. In an interview with the STAR moments after the day’s proceedings got underway, CRCA director Marlon Marquis said the event plays a very crucial role, since it is the only one of its kind: a Caribbean-centric compliance conference that brings together many individuals from across the region and world. He revealed that although the Association normally hosts conferences in countries with compliance associations, this year was different. “There is not one in Saint Lucia at the moment, but we are instrumental in helping form an association here. We’ve been collaborating with a steering committee since earlier this year, so we expect that to be completed by the first quarter of next year,” he said. 

Glenna Smith, of Smith Compliance Consulting Inc, made a presentation on bribery and corruption that focused on the rise of the practices in Latin America and the Caribbean, and ways to counter it. As compliance professionals, Marquis says, they always have to be on top of their game to detect proceeds of the practices. Another topic discussed was corporate governance that dealt with how boards of governors and senior management can ensure proper oversight of companies to prevent financial criminals from getting through the system. The consequence of industries being overrun by money launderers is dire, Marquis said. 

He emphasized that the region has to step up its game in terms of prosecution for money laundering. At the moment, he noted, Caribbean countries all have legislation which meets international standards, but effectiveness is lacking. He said the ideal is that suspected cases of money laundering are investigated and taken to court. He explained that a suspect must first be convicted of a crime, and then the matter can be taken further, but this is not happening. “There must be a predicate crime,” Marquis said, “but what we see happening is that once we get a conviction for a crime, for example a drug offence, it stops there. They don’t go further to actually claw back and seize properties that may have been derived from the proceeds of the crime.”

Additionally:  “I suspect after this round of the Caribbean Financial Action Task Force review, Caribbean islands will actually start going that extra step to actually seek money laundering prosecution and seize all the proceeds of crime.” 

Marquis said that in each jurisdiction where a CRCA conference is hosted, the aim is to leave a lasting memory. He announced that a donation of US$1,000 will be made to the Marian Home in Castries. A scholarship worth US$17,000 will also be given to a Saint Lucian to pursue certification in compliance.