Minister of Justice: St. Maarten gets more time to comply with CFATF requirements
POMD ISLAND -- The Minister of Justice Anna Richardson announced during the online press briefing on Wednesday that due to the COVID-19 pandemic, St. Maarten has been given more time to comply with the changes in the laws required by the Caribbean Financial Action Task Force (CFATF).
A meeting of CFATF was slated for May 2020. This is now pushed to November 2020, giving St. Maarten more time to get requirements in place.
The Parliament meeting to handle the law change is set to reconvene within the coming days. The handling and (if) adopted the law changes will lead to the lifting of the country's "grey listing" by CFATF.
Jurisdictions (read countries and territories) under the "grey list" face increased monitoring. When the (C)FATF places a jurisdiction under increased monitoring, the country has to resolve swiftly the identified strategic deficiencies within the agreed time frames and is subject to increased monitoring.