Nine credit unions in T&T moved one step closer to achieving compliance with the requirements of the Caribbean Financial Action Task Force (CFATF) at a conference held in at the Hyatt hotel in Port-of-Spain two Friday's ago.
Becoming compliant with CFATF means that credit unions would be increasing their effort to prevent money-laundering and the financing of terrorism.
The conference was focused on equipping credit union general managers/CEOS, compliance officers, risk managers & other stakeholders on how to develop compliance frameworks, policies and procedures.
In a statement, the Central Finance Facility Co-operative Society of T&T (CFF) said credit unions were urged to partner to a further extent especially as, "international and local AML/CFT organisations cannot operate in isolation."
The release added that, "every stakeholder should get actively involved since each citizen will feel the rippling effects with credit union members not exempted (ranging from black enlistment to economy failings, persons being placed on the breadline to unpaid loans and possible downsizing of staff at credi unions), if this subject is not taken seriously."
President, Venture Credit Union Roger Bertrand presented Phoenix Belfield General Manager, Dominican Cooperative Societies League Ltd with a cheque from CFF's Revitalization Initiative for clean up and repair work in the aftermath of Hurricane Maria.
President of the CFF, Ms. Esme Raphael, advised that the "Revitalization Initiative is a two-pronged approach to recovery efforts in Dominica.
"In the short term, financial assistance will be rendered mainly for infrastructural needs. In the long term, technical assistance to Credit Unions in Dominica will be provided, in particular low interest loans which foster innovative preemptive rehabilitation practices, in the event of natural disasters. A Saving Fund for this purpose will also be established.
