Financial Crime World

Saint Kitts and Nevis Strengthens Compliance with Money Laundering Laws

The government of Saint Kitts and Nevis has taken significant steps to strengthen its compliance with international standards on anti-money laundering (AML) and combating the financing of terrorism (CFT). The country’s Anti-Money Laundering National Committee Act, which came into effect in January 2020, aims to establish a robust framework for preventing and detecting money laundering activities.

Establishment of the Anti-Money Laundering National Committee

The Act establishes the Anti-Money Laundering National Committee, an inter-agency body responsible for coordinating the country’s efforts to combat money laundering and terrorist financing. The Committee is comprised of representatives from various government agencies, including:

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

Functions of the Committee

The Anti-Money Laundering National Committee has been tasked with several critical functions, including:

Issuing Operational and Informative Guidelines

  • Issue operational and informative guidelines on the Mutual Evaluation process to relevant agencies
  • Engage public and private stakeholders through focus group discussions, meetings, and workshops in preparation for the Mutual Evaluation of Saint Kitts and Nevis
  • Conduct risk-based outreach to sectors requiring enhanced focus, particularly those deemed high-risk with respect to money laundering and terrorist financing
  • Set timelines for deliverables and monitor progress of submissions made by relevant government agencies and private stakeholders
  • Submit or approve the submission of documents, reports, statistics, and case studies to the Mutual Evaluation Assessment Team as evidence of compliance
  • Coordinate with supervisory authorities and other government agencies for the issuance and implementation of policies and regulations addressing gaps identified in the AML/CFT framework

Commitment to Compliance with FATF Recommendations

Saint Kitts and Nevis has committed to fully complying with Financial Action Task Force (FATF) recommendations on anti-money laundering and combating the financing of terrorism. The country recognizes that a robust AML/CFT regime is essential for maintaining its international reputation and preventing the misuse of its financial system.

Next Steps

The Anti-Money Laundering National Committee will continue to work closely with government agencies, private sector stakeholders, and international partners to strengthen Saint Kitts and Nevis’ compliance with AML/CFT standards. The country’s commitment to addressing money laundering and terrorist financing risks will help maintain its financial stability and contribute to the safety and security of its citizens.