Saint Lucia Makes Strides in Combating Financial Terrorism, Remains on Enhanced Follow-Up Watchlist

Saint Lucia has made significant progress in addressing technical compliance deficiencies identified in its Mutual Evaluation, according to recent reports. The island nation has upgraded its ratings on 30 recommendations, moving from partial compliance to full compliance or largely compliant in several key areas.

Notable Achievements

• Improved AML/CFT Regime: Saint Lucia has successfully implemented measures to combat financial terrorism, strengthening its anti-money laundering and combating the financing of terrorism (AML/CFT) regime.
• Enhanced Reporting Mechanisms: The country has improved its reporting mechanisms and enhanced cooperation with international partners to share information and coordinate efforts.

Ongoing Challenges

• Remains Partially Compliant: Despite these strides, Saint Lucia remains partially compliant with two key recommendations, 15 and 38, which focus on addressing weaknesses in its AML/CFT framework and improving cooperation with foreign authorities.
• Outstanding Deficiencies: The country’s financial sector regulator and law enforcement agencies have been tasked with continuing to address outstanding deficiencies and improve its overall AML/CFT regime.

Next Steps

• Enhanced Follow-Up: Saint Lucia will remain under enhanced follow-up by the global anti-money laundering community, with its next report due in November 2024.
• Continued Prioritization: The country must continue to prioritize these efforts to maintain its progress and avoid falling back into partial compliance.

Conclusion

The upgrade in ratings is seen as a significant achievement for Saint Lucia, which has demonstrated its commitment to combating financial terrorism and improving its financial systems. However, the country must remain vigilant and continue to work towards addressing outstanding deficiencies to ensure long-term success.