Financial Crime World

Saint Lucia Takes a Risk-Based Approach to Anti-Money Laundering (AML) Compliance

According to the latest Mutual Report, Saint Lucia has made significant progress in implementing the technical requirements of the Financial Action Task Force (FATF) Recommendations.

A Risk-Based Approach to AML Compliance

One key area of improvement is Saint Lucia’s implementation of a risk-based approach to assessing and mitigating Anti-Money Laundering (AML) risks. This includes:

  • Identifying high-risk customers and transactions
  • Implementing targeted measures to address these risks

Strengthening National Cooperation and Coordination Mechanisms

The report notes that Saint Lucia has made progress in strengthening its national cooperation and coordination mechanisms, including:

  • Improving communication and collaboration between law enforcement agencies, financial institutions, and other stakeholders

Saint Lucia has also introduced new laws and regulations aimed at preventing the misuse of companies and other structures for illicit purposes, including:

  • Preventing the misuse of financial institutions
  • Ensuring adequate supervision of financial institutions

Implementing Measures to Prevent Misuse of Financial Institutions

The report highlights that Saint Lucia has implemented measures to prevent the misuse of financial institutions, including:

  • Requiring financial institutions to implement robust customer due diligence procedures
  • Maintaining accurate records

Strengthening Transparency and Beneficial Ownership Requirements

Saint Lucia has also made efforts to strengthen its transparency and beneficial ownership requirements for legal persons and arrangements, including:

  • Introducing new laws and regulations aimed at increasing transparency in the ownership of companies and other structures

Conclusion

In conclusion, Saint Lucia’s 2021 Mutual Report highlights the country’s progress in implementing the FATF Recommendations and adopting a risk-based approach to AML compliance. While there is still work to be done, the report suggests that Saint Lucia is on the right track in strengthening its anti-money laundering framework and combating financial crime.