NIA CHARLESTOWN NEVIS (October 23, 2023)- The Nevis Financial Services Regulatory Commission’s (FSRC) 15th Annual Anti-Money Laundering/Countering the Financing of Terrorism/Combating Proliferation Financing (AML/CFT/CPF) Conference got underway at the Four Season Resort, Nevis on Monday, October 23 under the theme “Accountability in Action: Managing Evolving Risks and Threats”.
Premier of Nevis and Minister of Finance in the Nevis Island Administration (NIA) the Honourable Mark Brantley welcomed the large gathering of stakeholders in the financial services industry to the international conference during Monday’s opening ceremony. He underscored the importance of adhering to industry regulations in pursuit of the sustainability and survival of the financial systems in this jurisdiction.
“I feel that in these sessions, while we must be mindful of the OECD [The Organisation for Economic Co-operation and Development], the FATF [Financial Action Task Force], the CFATF [Caribbean Financial Action Task Force] and all of the rules that are being made for us, we must approach regulation for our own benefit. We must see regulation not as something that is being imposed on us from outside, not as us having to comply with rules being set by others. We must see in regulation an intrinsic value to protect our own reputation and the sustainability of our own financial systems, and that for me is why I think these sessions are so important.
“Not that we are not mindful of what some in the global community are saying or requiring, but each of you must see that there is value in regulation for the benefit of our own island, our own country, our own businesses so that we can stand up to any scrutiny whenever it comes. We can be in a position to prevent the very legitimate objectives of anti-money laundering, terrorist financing and the like.”
Premier Brantley encouraged the participants to take the tools garnered at the conference and similar events and apply them in their various business, agencies, as well as in government.
Ms. Heidi-Lynn Sutton, Regulator of the FSRC Nevis Branch noted that the presence of so many attendees signified the importance of their collective mission. She commended participants for their commitment to sharing their expertise and perspectives, which she said would contribute significantly to the success of the event.
“Let us seize the opportunity today to learn from each other, to forge meaningful connections and to strengthen our resolve in the fight against financial crimes. I stand before you today to emphasize the critical importance of adhering to the spirit of our conference theme. As guardians of integrity within our organisations your role is pivotal in upholding the highest standards of compliance and ethics,” she stated.
Mr. Calvin Wilson, a Global AMF/CFT Consultant delivered the keynote address, which focused on exploring the changing landscape of international financial centres in the wake of the Covid-19 pandemic and recent global initiatives by the FATF, OECD, and the European Union.
The FSCR conference will be held over two days and features presenters from regional and international agencies involved in asset recovery, anti-money laundering, global financial crimes, cypto currency investigation, tax compliance, fraud examination, and citizenship by investment.