Triad of corruption, AML/CFT and cybercrime virtual two-day conference

Durrant Pate/Contributor

The Caribbean Development Bank (CDB) will be hosting a crucial two-day conference next week, strategising on developing good governance practices across the region.

The conference, dubbed ‘3Cs 2022’, is a free virtual two-day event examining the challenges posed by the triad of Corruption, Anti-Money Laundering/Counter the Financing of Terrorism (AML/CFT) and Cybercrime in the Caribbean. Global speakers will share cutting edge insights into the impact of these challenges on the sustainable economic development of the region and solutions to them.

3Cs 2022 will help to build capacity in the region to drive growth and end poverty. The conference will build on the insights provided in 3Cs 2020, which was co-hosted by the integrity offices of the World Bank and the Caribbean Development Bank (CDB) and 3Cs 2021, hosted by the CDB.

3Cs 2022 will continue to provide thought leadership necessary to strengthen regional institutions, build trust and create the right environment to promote good governance.

Conference details

There will be a number of critical roundtable sessions such as the roundtable of Experts on Corruption and its Impact on the Development of the Caribbean. This session will examine how corruption can harm the sustainable economic development of the Caribbean.

A detailed examination will be given of solutions to curb corruption including new cutting-edge methods for prevention, detection, investigation, and sanction of corruption. A second roundtable is planned comprising Directors of Financial Intelligence Units of the Caribbean where the focus will cover the critical work and role of financial intelligence units (FIUs) in the evolution of AML/CFT compliance in the Caribbean.

The experts will discuss how FIUs work in various countries to identify and manage risks at the national level and overcome compliance challenges in the regional AML/CFT framework. Current trends and other current topics of interest to which all stakeholders in the Caribbean region should be made aware will be discussed as well as how the future of compliance in the Caribbean can be shaped by the leadership and work of FIUs.

There will be a discussion on strategic solutions to de-risking of correspondent banking relationships for the Caribbean: Pros, Cons and the New Normal. A solutions-focused roundtable discussion will follow as well as a critical review of possible, practical and workable solutions to de-risking particularly of correspondent banking relationships in the Caribbean.

The panelists will explore how far the region has come in resolving de-risking in the Caribbean and whether a new normal exists. Updates and impact of new measures to promote financial inclusion and counter de-risking by the government of the United States of America and its benefits for the Caribbean will be explored.  

In addition, there will be a presentation on Managing Financial Sanctions and their implications for the Economic Development of the Caribbean in which the nature and impact of financial and economic sanctions on the Caribbean including Russian and Venezuelan sanctions will be discussed.