Financial Crime World

Saint Kitts and Nevis Makes Strides in Money Laundering Prevention, Says FATF Report

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Saint Kitts and Nevis has made significant progress in implementing measures to prevent money laundering, according to the Financial Action Task Force’s (FATF) Benin Follow-Up Report 2023. The report assesses the country’s technical compliance with the global anti-money laundering standards.

Progress Made

The report notes that Saint Kitts and Nevis is “largely compliant” with most of the FATF recommendations, indicating a strong commitment to combating money laundering and terrorist financing. The country scored high ratings in several areas, including:

  • Assessing risk and applying a risk-based approach
  • National cooperation and coordination
  • Targeted financial sanctions related to terrorism and terrorist financing

Areas for Improvement

However, there are some areas where Saint Kitts and Nevis needs improvement. The report identifies non-availability of information on the beneficial ownership of legal persons and arrangements as an area of concern. Additionally, the country is “partially compliant” with certain recommendations, including:

  • Confiscation and provisional measures
  • Money or value transfer services
  • DNFBPs: customer due diligence

Progress Made in Specific Areas

The FATF report also highlights some areas where Saint Kitts and Nevis has made significant progress, including:

  • Regulation and supervision of financial institutions
  • Powers of supervisors
  • Responsibilities of law enforcement and investigative authorities

The country has also implemented effective measures to prevent the misuse of cash couriers and has a strong system in place for gathering statistics on money laundering.

Conclusion

Overall, the report concludes that Saint Kitts and Nevis has made significant progress in implementing anti-money laundering measures, but there are still areas where improvement is needed. The government has committed to addressing these concerns and continues to work towards being fully compliant with FATF standards.