Financial Intelligence Unit: Combating Money Laundering, Terrorist Financing, and Weapons Proliferation

The Financial Intelligence Unit (FIU) is responsible for developing and disseminating information on techniques, typologies, and trends related to money laundering, terrorist financing, and the proliferation of weapons of mass destruction. The FIU also submits reports to the Commissioner for necessary action in cases where there are reasonable grounds to believe that a money laundering or terrorist financing offense has been committed.

Directions from the Minister

The Minister may give directions to the FIU on policy matters, which must be followed by the Unit. The FIU is also required to submit quarterly reports to competent authorities, including the Ministers responsible for finance in Saint Christopher and Nevis Island Administration.

Confidentiality

Individuals who obtain information through their connection with the FIU are prohibited from disclosing that information except as required or permitted under this Act. Breaches of confidentiality can result in fines and imprisonment.

No Liability

No action will be brought against the Minister, members of the FIU, employees, or persons acting under the direction of the Unit for actions taken in good faith while performing their duties.

Annual Report

The FIU is required to submit an annual report reviewing its work to the Minister by November 30th each year. The Minister will then lay a copy of the report on the table of the National Assembly.

Regulations

The Minister may make regulations to give effect to the provisions of this Act.

Application to Nevis

The Nevis Island Administration has requested that the provisions of this Act apply to the Island of Nevis, and in accordance with section 37(3) of the Constitution, consents to the application of this Act to matters over which it has exclusive jurisdiction.