Government of St. Kitts and Nevis Prepares for Fourth Round Mutual Evaluation by CFATF
The Government of St. Kitts and Nevis is taking proactive steps to ensure compliance with international standards on combating money laundering, terrorism financing, and proliferation financing ahead of its assessment by the Caribbean Financial Action Task Force (CFATF) later this year.
Pre-Assessment Training Workshop
A three-day pre-assessment training workshop was held from July 23-25, bringing together senior officials from various public sector agencies. The workshop focused on the Mutual Evaluation Process and provided training on the key aspects of the Financial Action Task Force’s (FATF) Recommendations. CFATF experts led the training sessions.
Preparations for Fourth Round Mutual Evaluation
The Government has been working towards strengthening its Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) Regime since its last evaluation in 2008. As part of its preparations, a National Risk Assessment was conducted to identify vulnerable areas within the AML/CFT regime and an Action Plan is being developed to address any deficiencies.
Engaging Key Stakeholders
The workshop also emphasized the importance of engaging key stakeholders from the private sector, who play a vital role in the Mutual Evaluation process. The training aimed to ensure that all parties involved are aware of their responsibilities and can contribute effectively towards achieving compliance with international standards.
Commitment to Strengthening AML/CFT Regime
St. Kitts and Nevis’ commitment to strengthening its AML/CFT regime is evident in its ongoing efforts to implement legislative changes and address deficiencies identified during previous evaluations. The Government’s determination to comply with international standards is a critical step in maintaining the integrity of the country’s financial system and preventing illicit activities such as money laundering, terrorism financing, and proliferation financing.
Photos
- Honourable Attorney General Vincent Byron Jr. and private sector participants at the pre-assessment training workshop