Saint Lucia Tightens AML Regulations to Combat Money Laundering and Terrorist Financing
The Financial Intelligence Authority (FIA) of Saint Lucia has taken a significant step in combating money laundering and terrorist financing by introducing new regulations. As part of the Registration of Supervised Entities Act No. 12 of 2023, all specified persons engaged in Other Business Activities are now required to register with the FIA.
Compliance with International Standards
The move is aimed at ensuring that Saint Lucia complies with international standards set by the Caribbean Financial Action Task Force (CFATF), a regional body that coordinates anti-money laundering and counter-terrorist financing efforts. The CFATF is comprised of 25 member countries in the Caribbean and South America, including Saint Lucia.
New Regulations and Requirements
In addition to registration requirements, financial institutions and certain other business activities are also mandated to conduct thorough customer due diligence and background checks. This includes:
- Conducting thorough customer due diligence
- Performing background checks on individuals and companies
These measures are crucial in preventing money laundering and terrorist financing, as they enable authorities to identify and track suspicious transactions and individuals.
Enhancing the Effectiveness of Saint Lucia’s Anti-Money Laundering Regime
The new regulations are expected to significantly enhance the effectiveness of Saint Lucia’s anti-money laundering regime, which is critical in maintaining the country’s reputation as a stable and secure financial hub. The FIA has assured that it will continue to work closely with other regulatory bodies and law enforcement agencies to ensure compliance with international standards and best practices.
Benefits for Saint Lucia’s Financial Sector
With these new regulations in place, Saint Lucia joins a growing list of countries around the world that are taking proactive steps to combat money laundering and terrorist financing. The move is expected to have far-reaching benefits for the country’s financial sector, including:
- Increased confidence among investors
- Improved relations with international partners
Overall, the introduction of these new regulations demonstrates Saint Lucia’s commitment to maintaining a robust anti-money laundering regime and its willingness to work closely with international partners to combat money laundering and terrorist financing.