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Saint Lucia: Financial Intelligence Unit Steps Up Anti-Money Laundering Efforts

The Financial Intelligence Authority (FIA) of Saint Lucia has issued a stern warning to individuals engaged in Other Business Activities, requiring them to register with the agency in compliance with the Registration of Supervised Entities Act No. 12 of 2023.

Curbing Money Laundering and Financial Crimes

The move is aimed at curbing money laundering and other financial crimes in the island nation. According to sources, specified persons operating in various sectors are now mandated to submit their registration details with the FIA to ensure transparency and accountability in financial transactions.

Caribbean Financial Action Task Force (CFATF) Launches Public Awareness Campaign

The CFATF, a regional body comprising 25 Caribbean and South American nations, has launched a public awareness campaign aimed at educating citizens on the dangers of money laundering. The CFATF seeks to promote cooperation among member states in combating financial crimes.

Importance of “Knowing Your Customer” (KYC)

As part of its efforts, the FIA has also emphasized the importance of “Knowing Your Customer” (KYC) as a crucial step in preventing money laundering. According to industry experts, customer due diligence or background checks are essential for identifying potential risks and ensuring compliance with anti-money laundering regulations.

Financial Institutions and Businesses Advised to Conduct Thorough KYC Procedures

Financial institutions and businesses operating in Saint Lucia have been advised to conduct thorough KYC procedures on their clients to prevent illicit activities such as terrorism financing and other financial crimes. The FIA has vowed to take stern action against any entity found non-compliant with the registration requirements or engaged in suspicious transactions.

Boosting Investor Confidence and Strengthening Saint Lucia’s Reputation

The authorities’ increased vigilance is expected to boost investor confidence and strengthen Saint Lucia’s reputation as a stable and secure financial hub in the Caribbean region.