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Financial Institution Risk Assessment in St. Kitts and Nevis Receives Global Seal of Approval
The Caribbean Financial Action Task Force (CFATF) has given its stamp of approval to St. Kitts and Nevis’ anti-money laundering (AML) and counter-terrorist financing (CFT) measures, as outlined in the country’s Mutual Evaluation Report adopted at the CFATF Plenary held virtually in December 2021.
Comprehensive Summary of AML/CFT System
The report provides a comprehensive summary of the AML/CFT system in place in St. Kitts and Nevis as of March 15th to 26th, 2020, evaluating the level of compliance with the Financial Action Task Force (FATF) 40 Recommendations and assessing the effectiveness of the country’s AML/CFT regime.
Areas of Compliance and Improvement
The report highlights areas where St. Kitts and Nevis is meeting international standards, as well as recommendations for improvement to strengthen its AML/CFT system. According to the report, while some measures are in place to combat money laundering and terrorist financing, there are still gaps that need to be addressed to ensure effective implementation of the country’s AML/CFT regime.
Significance of the Report
The CFATF Plenary’s adoption of the Mutual Evaluation Report marks a significant milestone for St. Kitts and Nevis, as it provides an international benchmark against which the country can measure its progress in implementing effective measures to prevent and combat money laundering and terrorist financing.
Accessing the Report
A copy of the complete report is available on the CFATF website for interested stakeholders.