Financial Crime World

Saint Kitts and Nevis Enhances Compliance Risk Assessment Framework

Comprehensive Evaluation Underway

In a significant move to strengthen its anti-money laundering and combating the financing of terrorism (AML/CFT) regime, Saint Kitts and Nevis has undergone a comprehensive evaluation based on the 2012 Financial Action Task Force (FATF) Recommendations. The assessment was conducted using the 2013 Methodology and drew upon information provided by the country as well as observations made during an on-site visit by the evaluation team.

Endorsement by FATF

According to sources close to the matter, the findings of this assessment have been thoroughly reviewed and endorsed by the FATF, a global standard-setting body that sets guidelines for AML/CFT measures. This endorsement is a testament to Saint Kitts and Nevis’s commitment to improving its AML/CFT regime.

Key Findings and Recommendations

The report highlights key areas of strength and weakness in Saint Kitts and Nevis’s compliance risk assessment framework, providing recommendations for priority actions aimed at addressing identified vulnerabilities. Some of the key findings include:

  • Strengths: The country has made significant progress in implementing its AML/CFT regime, with a robust legal framework and effective supervision of financial institutions.
  • Weaknesses: There are areas where improvement is needed, including:
    • Limited resources and capacity for monitoring and supervising non-financial businesses and professions (NFBPs).
    • Inadequate reporting requirements for suspicious transactions.
    • Insufficient training and awareness programs for financial institution staff.

Priority Actions

The report provides recommendations for priority actions aimed at addressing these identified vulnerabilities, including:

  • Enhancing the resources and capacity of the Financial Intelligence Unit to effectively monitor and supervise NFBPs.
  • Strengthening reporting requirements for suspicious transactions.
  • Implementing comprehensive training and awareness programs for financial institution staff.

Conclusion

The Executive Summary of the report provides a detailed overview of the key findings and priority actions recommended to improve the country’s AML/CFT regime. With this comprehensive evaluation complete, Saint Kitts and Nevis is well-positioned to take concrete steps towards enhancing its compliance risk assessment framework and further strengthening its AML/CFT regime.