Financial Crime World

St. Kitts and Nevis Scores Big in AML/CTF Compliance, Earns Improved Ratings from CFATF

In a significant milestone for anti-money laundering (AML) and counter-terrorist financing (CTF) efforts, St. Kitts and Nevis has made substantial progress in strengthening its AML/CTF framework, according to the country’s 2nd Enhanced Follow-Up Report.

Progress Made in Addressing Technical Compliance Deficiencies

The report, released by the Caribbean Financial Action Task Force (CFATF), highlights the significant strides taken by St. Kitts and Nevis in addressing technical compliance deficiencies identified in its 2022 Mutual Evaluation Report.

Improved Ratings on Key FATF Recommendations

As a result of these efforts, St. Kitts and Nevis has seen improved ratings on five key Financial Action Task Force (FATF) Recommendations:

  • National Cooperation and Coordination: Recommendation 2 moves from Partially Compliant to Largely Compliant
  • Targeted Financial Sanctions related to Terrorism and Terrorist Financing: Recommendation 6 sees significant improvements
  • Customer Due Diligence: Recommendation 10 shows notable progress
  • Transparency and Beneficial Ownership of Legal Arrangements: Recommendation 25 demonstrates substantial improvement
  • Regulation and Supervision of Financial Institutions: Recommendation 26 also experiences significant advancements

This marks a major achievement for St. Kitts and Nevis, as it now boasts compliance or largely compliant status with 31 out of the 40 FATF Recommendations.

Testament to Commitment to Combating Money Laundering and Terrorist Financing

The improved ratings are a testament to St. Kitts and Nevis’ commitment to combating money laundering and terrorist financing, demonstrating its efforts to strengthen its AML/CTF framework.

Enhanced Follow-Up Report Available for Public Access

The CFATF’s Enhanced Follow-Up Report provides a comprehensive assessment of the country’s progress in addressing technical compliance deficiencies and implementing effective AML/CTF measures. The report is now available for public access, providing stakeholders with valuable insights into St. Kitts and Nevis’ AML/CTF efforts.

Positive Impact on Financial Sector Reputation

The improved ratings are expected to have a positive impact on the country’s financial sector, enhancing its reputation as a responsible and compliant jurisdiction.