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Haiti on the FATF gray list: Economist Pierre Marie Boisson fears "de-risking"

05/01/2022
Categories: General Information

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Economist Pierre Marie Boisson analyzed the country's economic situation for the whole of 2021, on TV 20, on the program "Haiti, sa k ap kwit" on December 30, 2021. One of the points that prepared for this issue is the scarcity of the dollar in the country which could be seen as a consequence of the requirements of the Financial Action Task Force (FATF). Indeed, Haiti is on the gray list of the FATF, which ranks it among the bad students in the fight against money laundering, the financing of terrorism, the proliferation of weapons of mass destruction. But Pierre Marie Boisson thinks that this is not a cause of the scarcity of the dollar.

“The dollars that enter Haiti essentially come, at more than 60%, from transfers. another part of the export", affirms the economist who maintains that there is not really a scarcity of the dollar in the country. He also indicates two risks related to this issue of scarcity of the dollar. The FATF defines "de-risking", we read on the Council of Europe website, as the act by financial institutions of preparing or ceasing commercial relations with customers or categories of customers in order to avoid, instead to manage the risk in accordance with the risk-based approach advocated by the FATF. Financial institutions choose “de-risking” for various reasons; for example a concern for profitability, prudential obligations, fear after the global financial crisis or concern for reputational risk.

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