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Financial Crimes Definition in St. Kitts and Nevis

A recent advisory issued by the United States Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has raised concerns about financial crimes in St. Kitts and Nevis.

Background Information

St. Kitts and Nevis, a federation comprising two islands in the Caribbean Sea, has been identified by the Financial Action Task Force on Money Laundering (FATF) as non-cooperative in the fight against money laundering. The country’s financial activity is concentrated in Nevis, which has become increasingly dependent on offshore banking fees.

Deficiencies in St. Kitts and Nevis’ Legal System

The advisory highlights several deficiencies in St. Kitts and Nevis’ legal, supervisory, and regulatory systems that create opportunities for money laundering and the protection of criminal proceeds. These include:

• A lack of effective supervision of offshore companies, including those that operate as financial institutions
• No requirement to verify customer identities or maintain records
• Individuals with criminal records are not prohibited from holding management positions in offshore banks registered in Nevis
• Bank secrecy laws effectively prohibit government authorities from obtaining financial information about customers’ identities and transactions

Recommendations for Financial Institutions

As a result, FinCEN is advising banks and other financial institutions operating in the United States to give enhanced scrutiny to any transaction originating in or routed to or through St. Kitts and Nevis, or involving entities organized or domiciled, or persons maintaining accounts, in St. Kitts and Nevis. Financial institutions should carefully examine the available facts relating to such transactions to determine if they require reporting in accordance with suspicious transaction reporting rules.

Technical Assistance

Despite these concerns, FinCEN emphasizes that the issuance of this advisory does not mean that U.S. financial institutions should curtail legitimate business with St. Kitts and Nevis. The Treasury Department is willing to provide technical assistance to St. Kitts and Nevis officials as they work to remedy the deficiencies in their counter-money laundering systems.

Contact Information

For more information about FinCEN’s programs, visit the FinCEN website at http://www.fincen.gov. Questions or comments regarding the contents of the FinCEN Advisory should be addressed to the Office of Communications, FinCEN. Information may also be faxed to (703) 905-3885.