Saint Kitts and Nevis Financial Market Regulation and Oversight Under Scrutiny: CFATF Plenary Publishes Mutual Evaluation Report

The Committee of Experts on the Evaluation of Anti-Money Laundering Measures (CFATF) has released its long-awaited Mutual Evaluation Report for Saint Kitts and Nevis, assessing the country’s anti-money laundering (AML) and counter-terrorist financing (CFT) measures as of March 2020.

Background

The evaluation team conducted an on-site visit to Saint Kitts and Nevis between March 15th and 26th, 2020. The report provides a detailed analysis of the country’s AML/CFT system, highlighting areas where it is effective and identifying key recommendations for strengthening its overall performance.

Key Findings

The report notes that Saint Kitts and Nevis has made significant progress in implementing AML/CFT measures. However, there are still concerns that need to be addressed, including:

• Areas for Improvement: The report highlights several areas where the country’s system can be strengthened, such as:
  • Enhancing customer due diligence and ongoing monitoring of transactions
  • Improving the reporting of suspicious transactions
  • Strengthening cooperation with foreign authorities
  • Increasing public awareness and education on AML/CFT issues

Next Steps

The CFATF Plenary, which convened virtually in December 2021, adopted the Mutual Evaluation Report. This paves the way for further action to enhance financial market regulation and oversight in Saint Kitts and Nevis.

Accessing the Report

The full report is available online for stakeholders and interested parties to review.

By reviewing this comprehensive report, policymakers, financial institutions, and other stakeholders can better understand the current state of Saint Kitts and Nevis’ AML/CFT measures and work together to strengthen its overall performance.