Credit unions urged to tighten financial system - Business - Jamaica Gleaner - Tuesday | June 26, 2012: "The Caribbean Confederation of Credit Unions has been told there is need for tighter run financial systems in the region in the wake of the global financial crisis and the need to battle international terrorism and money laundering.
"The global environment is now requiring us to comply with international financial standard. Recently proposed regulations that impact, or will impact, what we do here in the Caribbean include the Foreign Account Tax Compliance Act (FATCA), and the provisions under the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Regime," said Finance and Planning Minister Dr Peter Phillips.
Addressing more than 600 credit union officials attending a three-day meeting which ends in Montego Bay today, Phillips said that other institutions have been forced to comply with these statutory obligations, including building societies, banks and securities dealers."
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