Saint Lucia Completes 2022 Money Laundering and Terrorist Financing National Risk Assessment
Saint Lucia has successfully completed its 2022 Money Laundering and Terrorist Financing National Risk Assessment, marking a significant milestone in the country’s efforts to combat illicit activities.
A Critical Component of Saint Lucia’s Risk-Based Program
The risk assessment is a critical component of Saint Lucia’s risk-based program, enabling the identification, assessment, and understanding of its exposure to money laundering and terrorist financing. This effort is crucial in mitigating the risks associated with these illegal activities and ensuring compliance with international standards.
Significant Progress Made Since 2019
According to Juliana Alfred, Permanent Secretary in the Attorney General’s Chambers and Chair of the National Anti-Money Laundering Oversight Committee (NAMLOC), Saint Lucia has made significant progress in addressing deficiencies since its previous risk assessment in 2019. The country was previously assessed as medium-high for money laundering and medium for terrorist financing.
Collaboration with Key Stakeholders
The completion of the national risk assessment is a collaborative effort, engaging key stakeholders from both the public and private sectors. These stakeholders include:
- Financial Intelligence Authority
- Customs and Exercise
- Royal Saint Lucia Police Force
- Office of the Director of Public Prosecutions
- Inland Revenue Department
- Financial Services Regulatory Authority
- Eastern Caribbean Central Bank
Legislative Amendments to Combat Illicit Activities
Saint Lucia’s Attorney General, Leslie Mondesir, highlighted the government’s satisfaction with the work of NAMLOC, noting that a suite of legislative amendments has been passed to combat money laundering and terrorist financing. These amendments include:
- Money Laundering Legislation
- Anti-Terrorism Legislation
- Proceeds of Crime Legislation
- Virtual Assets Legislation
- Mutual Legal Assistance Legislation
Applying for Re-Rating in November
Saint Lucia is now applying for a re-rating in November, having implemented measures to mitigate identified risks. NAMLOC has also been working with stakeholders to ensure they understand the risks associated with FATTF’s requirements and have compliance measures in place to address these risks.
Positive Feedback and Ongoing Efforts
Saint Lucia’s efforts to improve its risk management and compliance framework have received positive feedback, with the country applying for 22 recommendations that were previously partially compliant or non-compliant. Work continues on augmenting resources, including personnel, technological tools, and training to enhance the regulatory and investigative capacities of competent authorities.
Commitment to Complying with International Standards
The successful completion of Saint Lucia’s national risk assessment demonstrates its commitment to complying with international standards and preventing illicit activities.