Ambassador Paola Amadei on EU’s Support in Fight Against Money Laundering



The Caribbean has been reassured of the support of the European Union as regional Government’s implement measures to combat money laundering.

The EU’s Ambassador to Jamaica, Belize, The Bahamas, the Turks and Caicos and the Cayman Islands –  Paola Amadei, told delegates attending the 3rd Caribbean Conference on the International Financial Services Sector, hosted by The Caribbean Export Development Agency and the Government of The Bahamas (March 31-April 2, 2014), that it is important to have a “transparent and sound system in place to prevent and control money laundering.

“The EU is encouraged by the regional efforts it welcomes initiatives like the Caribbean Financial Action Task Force, which translates at the regional level the broader global objective to prevent and control money laundering and to combat the financing of terror threats.”

She stressed that there is no intention on the side of the EU to paralyse the “thriving financial sector of the region with the burden of regulation and control”.

“There is genuine concern of true partners to help prevent to infiltration of criminal activities in legitimate business on one side and to capture resources for countries development by allowing equitable taxation on the other,” Amadei said.

The EU’s pledge to support the region follows the recent vote by the European Parliament on draft proposals for the Fourth Money Laundering Directive, which will see the creation of central public registers setting out the beneficial owners of companies and trusts in Europe.

On March 11, 2014, members of the European Parliament voted 643 to 30 in favour of a common position on revisions to the Third Money Laundering Directive following agreement reached by the Economic and Monetary Affairs Committee and the Committee on Civil Liberties, Justice and Home Affairs.

By Kathy Barrett