Financial Crime World

Saint Kitts and Nevis Compliance Risk Assessment Framework Recommendations Released Following FATF Mutual Evaluation Report

The Financial Action Task Force (FATF) has released its Mutual Evaluation Report on Saint Kitts and Nevis, providing a comprehensive assessment of the country’s Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT) measures. The report was adopted by the CFATF Plenary in December 2021 and highlights Saint Kitts and Nevis’ compliance with FATF 40 Recommendations as well as its effectiveness in combating money laundering and terrorist financing.

Key Findings

The on-site visit conducted from March 15th to 26th, 2020 provided a snapshot of Saint Kitts and Nevis’ AML/CFT system at the time. The report analyzed the country’s level of compliance with international standards, evaluating the robustness of its legal framework, supervisory measures, and institutional arrangements.

Strengths

  • Saint Kitts and Nevis has made significant progress in implementing effective AML/CFT measures.
  • The country’s risk assessment framework identifies high-risk areas and provides a solid foundation for mitigating compliance risks.

Areas for Improvement

The report highlights several deficiencies that require attention, specifically:

  • Strengthening certain aspects of the country’s risk assessment framework to better identify and mitigate compliance risks.
  • Enhancing the effectiveness of supervisory measures to ensure consistent application of AML/CFT regulations.

Recommendations

The FATF recommendations aim to address these deficiencies and improve Saint Kitts and Nevis’ AML/CFT system. Key recommendations include:

  • Conducting a comprehensive review of the country’s risk assessment framework to identify areas for improvement.
  • Implementing measures to enhance the effectiveness of supervisory authorities in ensuring compliance with AML/CFT regulations.
  • Strengthening cooperation between financial institutions, law enforcement agencies, and other stakeholders to combat money laundering and terrorist financing.

Full Report Available

The full report is available online for those interested in learning more about Saint Kitts and Nevis’ AML/CFT regime and the recommendations put forth by FATF experts. The findings are expected to inform the country’s efforts to further enhance its AML/CFT system and improve international cooperation in combating financial crime.

Next Steps

The report’s recommendations will guide Saint Kitts and Nevis’ efforts to strengthen its AML/CFT regime and improve its compliance with FATF 40 Recommendations. The country is expected to implement the recommended measures to mitigate compliance risks and enhance its effectiveness in combating money laundering and terrorist financing.