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Anti-Money Laundering Guidelines for Businesses in Saint Kitts and Nevis

Saint Kitts and Nevis has taken a significant step to combat money laundering and terrorist financing by establishing the Anti-Money Laundering National Committee. The committee is responsible for issuing guidelines on anti-money laundering practices, engaging with public and private stakeholders, and conducting risk-based outreach to high-risk sectors.

Functions of the Anti-Money Laundering National Committee

According to the Anti-Money Laundering National Committee Act, Chapter 21.30 of the Laws of Saint Christopher and Nevis, the committee’s functions include:

  • Issuing operational and informative guidelines: Issuing guidelines on mutual evaluation to all relevant agencies
  • Engaging with stakeholders: Engaging with public and private stakeholders through focus group discussions, meetings, and workshops
  • Risk-based outreach: Conducting risk-based outreach to high-risk sectors, including those deemed to be high-risk for money laundering and terrorist financing
  • Monitoring progress: Setting timetables for deliverables and monitoring progress of submissions made by government agencies and private stakeholders
  • Submission and approval: Submitting or approving submission of documents, reports, statistics, and case studies to the Mutual Evaluation Assessment Team
  • Coordination with supervisory authorities: Coordinating with supervisory authorities and other government agencies to issue and implement policies and regulations addressing gaps in anti-money laundering and counter-terrorist financing frameworks
  • Risk assessment: Coordinating actions to assess national money laundering and terrorist financing risks

Composition of the Anti-Money Laundering National Committee

The committee is comprised of representatives from various government departments, including:

  • Attorney General’s Department
  • Ministry of Finance
  • Customs Department
  • Police Force
  • Public Prosecutions Department
  • Eastern Caribbean Central Bank
  • Inland Revenue Department
  • Financial Services Regulatory Commission
  • Immigration Department
  • Financial Intelligence Unit
  • Legal Department

Purpose of the Guidelines

These guidelines are intended to help businesses in Saint Kitts and Nevis understand their obligations under anti-money laundering regulations and ensure compliance with international standards.