Caribbean Times 49th Issue - Tuesday 12th July 2016

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6 c a r i b b e a n t i m e s . a g Tuesday 12th July 2016 KAW’s 8 th annual AML/CFT conference opens By Joanna Paris The Sandals Grande Antigua Resort and Spa is once again the venue of the high level two-day event- the 8 th annual Anti-fraud and financial crimes conference. The forum has attracted participants from around the world, all eager to enhance their knowledge in combating financial crimes. The conference is organized by KAW Management Services Limited under the leadership of Managing Director and Owner, Kem Warner. Warner welcomed all of the participants and thanked them for the interest expressed in the critical subject area. He added that the organization is committed to hosting the conference annually despite the challenges encountered yearly. He urged the participants to use the conference o advocate for regional integration in fighting financial crimes. “While our primary focus over the next couple of days is on ensuring our jurisdictions are not abused by money launderers, terrorist financiers and persons and organizations engaged in other financial crimes, we must also use this training medium wisely and use the opportunity to lobby for regional integration in the fight against financial crimes and the safety and soundness of our institutions and our jurisdictions” said Warner. He also used the platform to advocate for the reformation of the supervisory framework. “There is an increased call to reform our Supervisory Framework. There ought to be an ongoing thrust within the region for institutions to be regulated and supervised from a risk based perspective and not a prescriptive one. “No two companies can be the same as no two companies should be regulated and supervised the same. “We cannot utilize a one size fit all approach to regulation nor can we single handily implement a model from a large country into our jurisdictions without tailoring or modelling it to the risk inherit in the particular jurisdiction”, he outlined. The need for unity among key financial regulatory companies in the Caribbean was highlighted. “There is also the need for unity among institutions and regulatory agencies in the Caribbean. “Regulated Agencies like Casinos, Money Services Businesses, Real Estate companies, Offshore Gaming Companies just to name a few, in some Jurisdictions have difficulties getting and maintaining Bank Accounts”. Also addressing the opening ceremony was the Director of the Office of National Drug Control Policy (ONDCP), Lieutenant Colonel Edward Croft, who commended Warner and his team for organizing and hosting the annual exercise. “Let me first offer congratulations to Mr. Kem Warner & KAW management on the continuous training opportunities being offered in the AML/CFT areas and for the hosting of this 8 th Annual Conference addressing issues of AML/ CFT, Anti-Fraud and Financial Crimes. “It is important that the private sector also provides training opportunities for raising the awareness of the requirements of the AML/CFT framework to mitigate risks associated with conducting business and trade”, he said. With reference to the objectives of the forum, he emphasized the need for compliance officers to play a more active role in in the regulatory framework. “A Compliance Officer should be reviewing applications for the opening of accounts. Management should be giving careful consideration to recommendations that accounts not be opened or that they be closed. “A Compliance Officer who has a sound basis for making such recommendations but fails to do so, is criminally liable. Likewise, an all knowing board of directors or management who belittles a Compliance Officer’s competent recommendation may be corporately and each member personally liable for ML or FT that flows from ignoring such advice”, were the words that he expressed. Comptroller of Customs, Raju Baddu, also addressed the opening proceedings. Among the topics which will be covered during the sessions are: HSBC Whistle Blower on Terrorism Financing – Too Big to Jail, De-Risking/De-Banking – Myth or Reality Facing Caribbean Financial Institutions and Compliance for Intelligence.
Tuesday 12th July 2016 c a r i b b e a n t i m e s . a g 7 Remarks by Samantha Marshall at the Rotary Club of Antigua & Barbuda Luncheon “Today I choose life. Every morning when I wake up I can choose joy, happiness, negativity, pain... To feel the freedom that comes from being able to continue to make mistakes and choices - today I choose to feel life, not to deny my humanity but embrace it.” Kevyn Aucoin The only thing I would alter there, is to say ….today I choose to serve and to do so with respect and conviction. I wish to recognize all protocols already established. Indeed it is a honor to address this warm gathering and to celebrate with you, the Rotary Club of Antigua, the new Rotary Year under the theme: “Rotary, Serving Humanity”. Let me take this opportunity to commend the 2015- 2016 Past President and executive and to congratulate and offer best wishes to the 2016- 2017 President Evangeline Allen and her Executive. Over the past forty (40) years, the Rotary Club of Antigua has been involved in exemplary humanitarian service by feeding those who are hungry; clothing those who are without; enabling the disabled; sheltering those who are in need of refuge; and advancing our young people through education, thereby preparing young Social Transormation Minister, the Hon., Samantha Marshall leaders. The Rotary Club of Antigua has established itself as one of the leading philanthropic organizations within Antigua & Barbuda, and more so worldwide.Thereby helping to fulfill social, educational and health related, developmental goals. The invaluable contribution by the Rotary Club of Antigua and Barbuda is embodied in your motto- “Service Above Self”. From this motto, there are two fundamental principles: Dedicated Service; Selflessness Dedicated Service requires faithful devotion in the pursuit of love, respect, and care for others. Yet no matter Rotary’s Dedication; or dedication from any other service organization or from Government, social ills, whether they can be transformed or positively challenged, is not a battle that either party on its own can successfully fight & win. Such battles require a strategic alliance in order to be a real success. This requires a strengthened partnership with the Government and organizations such as yours. We should ask each day ‘not what our country can do for us but what we can do for our country’. Limited resources within a small populated country would suggest that we need to unite as a people through selflessness and dedication. Regardless of political persuasions, religious and social beliefs, and economic backgrounds, it will take a concerted effort for our country to become a spiritual, socially developed and economic powerhouse. Alone we can do so little; but together, we could do much more for our country. With this year’s theme being “Rotary Serving Humanity”, Rotary and its members: Must Appreciate the wide scope of humanitarian problems and consider approaches that can reach those who are vulnerable- through the cont’d on pg 8
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Caribbean Times 49th Issue - Tuesday 12th July 2016

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