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ST. KITTS AND NEVIS BOOSTS AML/CFT COMPLIANCE STANDING WITH CFATF RE-RATING

In a major boost for its anti-money laundering and counter-terrorist financing (AML/CFT) efforts, St. Kitts and Nevis has reported significant progress in strengthening its AML/CFT framework, according to the Caribbean Financial Action Task Force’s (CFATF) 2nd Enhanced Follow-Up Report and Technical Compliance Re-rating.

Assessment and Progress

The report, released on December 18, 2023, assesses the country’s effectiveness in implementing AML/CFT measures and its compliance with the FATF Recommendations. St. Kitts and Nevis has made considerable strides since its 2022 Mutual Evaluation Report, earning a re-rating of five out of the 40 Recommendations.

Upgraded Ratings

The CFATF has upgraded St. Kitts and Nevis to Largely Compliant in several areas, including:

• National Cooperation and Coordination (Recommendation 2)
• Targeted Financial Sanctions Related to Terrorism and Terrorist Financing (Recommendation 6)
• Customer Due Diligence (Recommendation 10)
• Transparency and Beneficial Ownership of Legal Arrangements (Recommendation 25)
• Regulation and Supervision of Financial Institutions (Recommendation 26)

As a result, the country is now rated Compliant or Largely Compliant with 31 out of the 40 FATF Recommendations.

Major Achievement

The re-rating is seen as a major achievement for St. Kitts and Nevis, demonstrating its commitment to AML/CFT compliance and its efforts to address technical compliance deficiencies identified in its Mutual Evaluation Report.