Financial Crime World

Saint Lucia Takes Steps to Combat Terrorism Financing as Regional Bodies Review Progress

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Strengthening Anti-Money Laundering and Counter-Terrorist Financing Measures

A recent review by regional authorities has highlighted the efforts of Saint Lucia in combating terrorism financing, with the Caribbean Financial Action Task Force (CFATF) Plenary adopting a Mutual Evaluation Report for the island nation. The report assesses the country’s anti-money laundering and counter-terrorist financing measures, including its level of compliance with international standards and recommendations for improvement.

Progress Made

The evaluation was conducted on-site in September 2019 and provides an overview of Saint Lucia’s AML/CFT system as of that date. According to the report, the island nation has made significant strides in strengthening its financial sector and implementing measures to prevent and detect money laundering and terrorist financing.

Key Findings

  • The report highlights Saint Lucia’s progress in:
    • Strengthening its financial sector
    • Implementing measures to prevent and detect money laundering and terrorist financing
  • However, the report also identifies areas for improvement, including:
    • Further enhancing customer due diligence
    • Strengthening the legal framework to combat terrorist financing

Recommendations for Improvement

The CFATF Plenary has recommended that Saint Lucia address these gaps to enhance its overall AML/CFT effectiveness.

Next Steps

  • Saint Lucia is advised to take concrete steps to improve its anti-money laundering and counter-terrorist financing measures
  • The review serves as a key tool in the global fight against terrorism financing, allowing countries like Saint Lucia to assess their progress and identify areas for improvement

Regional Significance

The report also provides regional authorities with valuable insights into the effectiveness of anti-money laundering and counter-terrorist financing measures across the Caribbean region.

Regional Cooperation

  • The CFATF Plenary’s review is a crucial step in promoting cooperation and collaboration among Caribbean countries to combat terrorism financing
  • The report will inform future reviews and evaluations, helping to ensure that regional authorities are better equipped to address the complex issue of terrorism financing