Financial Services Commission Emphasizes Importance of Adhering to Global Standards
Commissioner of the Montserrat Financial Services Commission, Fabian Singh, says while global regulations under the Financial Action Task Force (FATF) may seem burdensome for small jurisdictions like Montserrat, they are non-negotiable.
Speaking exclusively to ZJB News, Singh noted that the island’s unique size and context are always communicated to international bodies during evaluations.
However, he stressed that failing to comply with the 40 FATF recommendations could result in Montserrat being placed on international grey or blacklists, posing serious risks to the economy.
He says the goal is to prevent money laundering and terrorist financing, and that even one case would be too many.
Singh adds that having a strong regulatory framework helps to protect the island and its reputation from bad actors who may seek to exploit smaller territories with weaker systems.
Commissioner of the Montserrat Financial Services Commission, Fabian Singh.