Title: Saint Lucia Advances in Fight Against Financial Crimes: Completes 2022 National Risk Assessment
Successful Completion of 2022 Money Laundering and Terrorist Financing National Risk Assessment
The Attorney General’s Chambers in Saint Lucia announced the successful completion of the 2022 Money Laundering and Terrorist Financing National Risk Assessment. This achievement underscores the country’s ongoing commitment to strengthening its financial regulations and preventingSaint Lucia from being used as a conduit for illicit activity.
Role of National Anti-Money Laundering Oversight Committee (NAMLOC)
The National Risk Assessment, led by the National Anti-Money Laundering Oversight Committee (NAMLOC), plays a vital role in Saint Lucia’s risk-based program. It helps identify and assess potential risks of money laundering and terrorist financing and implement appropriate measures to mitigate these risks.
- Identify and assess potential risks
- Implement measures to mitigate risks
Progress Towards Re-rating
Remarks by Permanent Secretary and NAMLOC Chair, Juliana Alfred
“We’ve had numerous legislative amendments, engaged stakeholders, and completed the national risk assessment.”
- Medium overall risk for money laundering
- Medium-low risk for terrorist financing
Satisfaction from the Attorney General, Leslie Mondesir
“The government has passed several legislative amendments…”
- Look forward to re-rating in November
Collaboration and Stakeholder Engagement
Key stakeholders from both the public and private sectors were engaged in the completion of the risk assessment, including:
- Financial Intelligence Authority
- Customs and Exercise
- Royal Saint Lucia Police Force
- Office of the Director of Public Prosecutions
- Inland Revenue Department
- Financial Services Regulatory Authority
- Eastern Caribbean Central Bank
“This collaboration is critical to our re-rating process in November.”
Saint Lucia’s Current Application for Recommendations
Saint Lucia is currently applying for 22 recommendations that were previously classified as partially compliant or non-compliant.
Continuous Improvement and Strengthening Financial Regulations
Provision of Additional Resources
“The government is actively working to augment resources by providing additional personnel, technological tools, and training to competent authorities.”
Reputation as a Responsible Member of the Global Community
The commitment to strengthening Saint Lucia’s financial regulations benefits the nation and enhances its reputation as a responsible member of the global community.