Senate Unanimously Passes FATF Compliance Bill
The Miscellaneous Provisions (FATF Compliance) Bill, 2026, was unanimously passed in the Senate on Tuesday.
The Bill, which will amend 11 laws, is aimed at strengthening the country’s compliance with standards set by the Financial Action Task Force (FATF).
FATF is an intergovernmental organisation which issues guidelines to combat global money laundering, terrorism financing and the financing of proliferation.
Minister of Planning, Economic Affairs and Development and Minister in the Ministry of Finance Dr Kennedy Swaratsingh said it is critical to protecting the country’s economic stability and international credibility.
« FATF compliance matters because the strength of our financial systems affects every job, every business, every investment, national and international, and ultimately the cost of living experienced by everyday citizens. »
Minister Swaratsingh noted that FATF compliance contributes directly to national security.
« Illicit finance is not an abstract concept. It is closely linked to organised crime, corruption, trafficking networks, as well as activities that threaten public safety. Financial transparency provides law enforcement agencies with tools to trace illicit funds, dismantle criminal networks, and prevent the financing of harmful activities. »
The Minister warned that non-compliance could have serious economic consequences.
« International banks restrict transactions, investors become cautious, borrowing becomes more expensive, businesses face delays and additional scrutiny, and ordinary citizens encounter obstacles when conducting legitimate financial activities. »
At the end of the debate, all 30 Senators voted in favour of the Bill, giving it unanimous approval.
