CWC 2007 will test local capability

With St Vincent and the Grenadines tightening up on banking regulations, money launderers are now attempting to use legitimate businesses to wash dirty cash, said an official of the Financial Intelligence Unit (FIU).

“An increase in trade-based money laundering is therefore becoming more evident, that is, under and over-invoicing schemes and bulk cash smuggling through the use of ‘cash mules’. These methods can now be considered two of the primary money flow threats or means by which money enters or exits St Vincent and the Grenadines,” said the FIU’s Legal Officer, Carla James.{{more}}

Grenville Williams, the FIU’s Anti-Money Laundering Training Officer said that with every opportunity comes risks and challenges and events such as Cricket World Cup 2007 will be an opportunity that will test the capabilities and capacity of St Vincent & the Grenadines to deal with mass movement of people, goods and financial resources.

“It will also test our intelligence networks and our law enforcement capabilities to secure our borders against those who seek to threaten our democratic civilization by capitalizing on this occasion to engage in their illegal activities, whether moving their illegal monies throughout the region or other criminal conduct. The CSME, with its proposed easier movement of goods, services, capital and people will similarly test our competencies in securing our borders,” he said.

Williams and James were speaking at a workshop entitled “Border Security and Anti Money Laundering Measures” at the Sunset Shores Hotel on the 26th Oct and 2nd November, 2006.

The workshop was held in conjunction with the Office of Technical Assistance and the US Embassy.

Participants were drawn from the various arms of law enforcement including, Customs, Narcotics, Rapid Response and other units.

The objective of the FIU in hosting these workshops was to find creative solutions to the constantly changing challenges to SVG’s border security, its financial well-being and national security.

“Training such as this serves to help to develop the capabilities of law enforcement agencies and prepare these critical agencies to meet old and new challenges,” a release from the FIU stated.