CDB, IMF, and ECCB Join Forces to Strengthen Financial Transparency and Integrity Across Eastern Caribbean

In a significant step toward enhancing financial integrity and supporting sustainable development, the Caribbean Development Bank (CDB), the International Monetary Fund (IMF), and the Eastern Caribbean Central Bank (ECCB) brought together over 100 regulators and financial services experts to fortify Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) frameworks within the Eastern Caribbean. Representatives were sensitised to global best practice and given tools to improve transparency within beneficial ownership structures and further safeguard regional financial systems.

The activity is part of a larger initiative entitled, "Improving Integrity and Financial Transparency in the Eastern Caribbean Currency Union," which is co-funded by CDB and the Government of Canada, and implemented by the ECCB. The initiative aims to build technical capacity for government agencies, financial institutions, and regulatory authorities to better manage risks associated with money laundering and other illicit activities.

The week-long training session themed "Enhancing Beneficial Ownership Transparency Frameworks," brought together financial regulators and other regional stakeholders to deepen their understanding of AML/CFT best practices. The workshop, which ran from October 21 to 25, is expected to strengthen the technical competencies of financial institutions and regulators, enabling them to better identify, assess, and mitigate financial risks.

Lisa Drakes, Economist at CDB, expressed the Bank's confidence in the initiative, stating, "This project is crucial for safeguarding financial systems in the Eastern Caribbean. By strengthening transparency and integrity, we're ensuring these systems can continue to channel resources into investments that drive sustainable economic growth. The Bank is proud to support this collaborative effort alongside ECCB and the IMF, building a foundation for stronger AML/CFT frameworks that benefit the region."

Speaking to the broader goals of the initiative, Ms. Kathleen Kao, Senior Counsel, IMF Legal Department, indicated that financial transparency is a cornerstone of sustainable development. Further adding that the workshop, and the commitment shown by regional partners, is a testament to the value placed on building robust and transparent financial frameworks that protect the financial stability of the Eastern Caribbean Currency Union. This is the first capacity building exercise of this nature to be conducted in the Caribbean.

The ECCB, as the implementing agency, has been a critical partner in realising the objectives of this initiative. Dr. Valda Henry, Deputy Governor of the ECCB, emphasized the importance of this collaboration. "The ECCB remains dedicated to promoting financial integrity across the Eastern Caribbean Currency Union. This training and our collective work with CDB and the IMF, are better equipping our regional regulators to address AML/CFT risks effectively, ensuring a stable and transparent financial environment," she stated.

This initiative reflects a shared vision among CDB, IMF, ECCB, and their partners for a resilient financial sector that fosters good governance, inclusive growth, and sustained development across the Eastern Caribbean.