Saint Lucia Enhances Anti-Terrorism and Anti-Money Laundering Laws
Strengthening AML/CFT Regime
Castries, Saint Lucia - In a significant move to strengthen its anti-terrorism and anti-money laundering (AML/CFT) regime, Saint Lucia has addressed all technical deficiencies identified in its previous report. The island nation has made significant amendments to its laws, including the Anti-Terrorism Act (ATA) and the Money Laundering and Prevention of Terrorist Financing Act (MLPA).
Addressing Previous Criticisms
According to a recent report, Saint Lucia had been criticized for having limited criminal penalties for legal persons that commit offences under the ATA. These penalties were deemed insufficiently proportionate or dissuasive. However, the government has since addressed this issue by introducing harsher penalties for legal persons found guilty of financing travel for terrorist purposes.
- The amended ATA makes it an offence to finance travel for individuals who:
- Travel outside of Saint Lucia to plan or participate in a terrorist act
- Meet with a terrorist group
- Provide or receive training or instruction in carrying out a terrorist act
- Such an offence is punishable by:
- A fine not exceeding XCD2,000,000 (USD736,133)
- Imprisonment for a term that may extend to life
Clarifying Definitions and Liability
The MLPA has been amended to clarify the definition of “person” to include any entity, natural or juridical, capable of acquiring rights or entering into obligations. This means that legal persons can now be held liable for AML/CFT offences, which are punishable by fines and imprisonment.
FATF Re-Rating
Saint Lucia’s efforts have earned it a re-rating as Compliant with R.5, the Financial Action Task Force (FATF) standard for combating terrorist financing. This demonstrates the island nation’s commitment to preventing and combating terrorist financing and money laundering, and brings it in line with international standards.
The amendments to Saint Lucia’s laws showcase its dedication to strengthening its AML/CFT regime and meeting international obligations.