Saint Lucia Makes Progress in Financial Institution Vulnerability Assessment

Saint Lucia has made significant strides in addressing technical compliance deficiencies identified during its Mutual Evaluation, according to a recent assessment.

Improvements in Compliance

The country has upgraded several recommendations from partial compliance to full compliance, indicating improvement in its financial institution vulnerability assessment. Specifically:

• Recommendations 1, 2, 5, 12, 14, 16, 17, 18, 19, 20, 22, 23, 27, 29, 34, and 40 have been upgraded from partial compliance to full compliance.

These upgrades demonstrate Saint Lucia’s commitment to enhancing its financial regulatory framework.

Areas for Improvement

However, the country remains partially compliant with recommendations 15 and 38. Despite this, Saint Lucia has made significant progress in addressing vulnerabilities in its financial institutions, with:

• 30 recommendations now rated as compliant or largely compliant

Enhanced Follow-Up

The assessment also notes that Saint Lucia will continue to be subject to enhanced follow-up due to effectiveness ratings.

• The country’s next enhanced follow-up report is scheduled for November 2024
• This provides an opportunity for further improvement and evaluation

Overall, Saint Lucia’s progress in addressing technical compliance deficiencies and vulnerabilities in its financial institutions is a positive step towards enhancing its financial regulatory framework.