Financial Crime World

Saint Lucia’s Financial Intelligence Unit: A Force Against Money Laundering and Terrorism

Saint Lucia has established a robust Financial Intelligence Authority (FIA) in October 2003 to combat financial crimes, including money laundering and terrorism. The authority is responsible for receiving, analyzing, obtaining, investigating, and disseminating information related to the proceeds of criminal conduct.

Legislative Framework

The FIA operates under several legislations, including the Money Laundering (Prevention) Act, Chapter 12.20 of the 2013 Revised Laws of Saint Lucia. The authority has been tasked with detecting, preventing, and prosecuting money laundering and other serious crimes, as well as confiscating the proceeds of crime.

Core Functions

The FIA is a hybrid financial intelligence unit endowed with regulatory, supervisory, and investigative powers. Its core functions include:

  • Financial Intelligence: Collects, receives, and analyzes reports and information submitted from various sources, including financial institutions, persons engaged in other business activities, customs and excise departments, inland revenue departments, and law enforcement agencies.
  • Supervision and Monitoring: Advises financial institutions and persons engaged in other business activities on their obligations in relation to detecting, preventing, and deterring offences under the Proceeds of Crime Act. Establishes training requirements and facilitates training for these entities in respect of their transaction record keeping or reporting obligations.
  • International Cooperation: Collects, receives, and analyzes reports and information submitted by foreign financial intelligence units, provides information relating to suspected money laundering or suspicious activity reports to these units, and enters into agreements or arrangements as necessary for the discharge or performance of its functions.
  • Advising the Minister: Provides information on the work of the authority and matters that could affect public policy or the priorities of the FIA. Advises on Saint Lucia’s participation in the international effort against money laundering and financing of terrorism.

Impact and Significance

The establishment of the FIA is a significant step towards combating financial crimes in Saint Lucia, ensuring transparency, accountability, and the rule of law. The authority’s functions are designed to protect the island from the risks associated with money laundering and terrorist financing.