Financial Crime World

Saint Lucia Makes Significant Progress in Anti-Corruption Efforts, Remains Committed to Financial Transparency

Significant Upgrades in Mutual Evaluation

In a major boost for Saint Lucia’s efforts to combat corruption and ensure financial transparency, the island nation has made significant progress in addressing technical compliance deficiencies identified in its Mutual Evaluation. The country has been re-rated on several key recommendations, demonstrating its commitment to strengthening its anti-corruption measures.

Key Recommendations Upgraded

  • Recommendation 1: Prevention of Money Laundering and Terrorist Financing: Upgraded from Partially Compliant to Compliant
  • Recommendations 2, 5, and 12: Upgraded to Compliant status
  • Recommendation 3: Prevention of Corrupt Practices: Upgraded from Partially Compliant to Largely Compliant
  • Recommendations 14, 22, and 40: Rated as Largely Compliant

Progress in Combating Corruption

Saint Lucia has shown significant improvement in its efforts to combat corruption. The country remains committed to strengthening its anti-corruption measures and ensuring financial transparency.

Challenges Ahead

While Saint Lucia has made significant progress in addressing technical compliance deficiencies, it still faces challenges in implementing certain recommendations. The country remains partially compliant with:

  • Recommendations 15: Will continue to work towards fully implementing this measure
  • Recommendation 38: Will continue to work towards fully implementing this measure

Enhanced Follow-Up Report Due November 2024

The upgrade in Saint Lucia’s rating is a testament to the government’s commitment to strengthening its anti-corruption measures and ensuring financial transparency. With 30 recommendations now rated as C/LC, the country will remain in enhanced follow-up based on effectiveness ratings.

Conclusion

Saint Lucia’s progress in combating corruption and promoting financial transparency is a positive development for the country and its citizens. As the government continues to work towards implementing its anti-corruption measures, it is hoped that this progress will have a positive impact on the country’s economy and reputation.