The University of the Commonwealth Caribbean (UCC) has signed a memorandum of understanding (MOU) as a partner with the Anti Money Laundering and Financial Crimes Institute (AMLFC) to offer an Anti-Money Laundering and Financial Crimes Prevention Certificate programme.
The MOU proposes the offering of a universal Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT) and Financial Crime Prevention (FCP) education programme as well in the Turks and Caicos Islands, The Bahamas, Bermuda and The Cayman Islands, contribution to the setting up of education standards in these areas which will be recognised worldwide, the conducting of research on the efficacy of related regulations and advising of improvements that can be made.
Noting the preeminence of the US-based AMLFC in these areas of teaching and research, Dr Haldane Davies, president of the UCC, said: “The UCC, as usual, is taking the bold step of preparing Jamaica and the Caribbean to deal with emerging trends that are critical to the well-being, human and financial safety of our countries.”
He said that that, while the world has undoubtedly benefitted from new technologies and innovations in recent times, including a proliferation of online payment systems through banks, digital currency exchanges, money service and remittance businesses and others, criminals have been exploiting these technologies with devastating results on world economies. As a result, financial regulators are constantly imposing new laws which have created pressure on the public and private sectors to combat money laundering. The UCC and AMLFC partnership will help to provide specialised professionals with the tools to combat money laundering, the financing of terrorism and financial crimes.
Davies said that “the UCC is pleased to work with the AMLFC which has partnered with a worldwide network of universities to promote quality education and a high standard of ethics and universally recognised certification”.
He added: “Their courses are a perfect complement to the many other programmes offered by the UCC which provide individuals with the practical knowledge to work in a range of fields in the public and private sectors.”