Saint Lucia Steps Up Efforts Against Terrorism Financing and Money Laundering
In its ongoing efforts to combat terrorism financing and money laundering, Saint Lucia has been actively implementing measures to prevent these illicit activities from taking root on the island.
National Anti-Money Laundering Oversight Committee (NAMLOC) Unit
The country’s NAMLOC Unit is responsible for coordinating anti-money laundering and counter-terrorism financing activities. The unit has been working closely with the Caribbean Financial Action Task Force (CFATF), a regional body that aims to prevent the misuse of financial systems.
Training and Capacity Building
In 2019, Saint Lucia hosted several training sessions on combating money laundering and terrorism financing, attended by heads of departments and senior-level management. The training aimed to sensitize participants on:
- Mutual evaluation process
- Expectations for on-site visits
- CFATF’s 40 Recommendations
NAMLOC members also attended critical overseas workshops and training seminars offered by CFATF, World Bank, and other international organizations.
Outreach Efforts
The unit continued its outreach efforts through:
- Caucus meetings with key agencies island-wide
- Infomercials on media platforms
- Weekly articles in local newspapers
- Brochures covering money laundering and terrorist financing in financial institutions
CFATF Assessment Visit
In September 2019, Saint Lucia was visited by a CFATF assessment team that interviewed officials from over 50 public and private entities. The visit aimed to determine the country’s compliance with the Financial Action Task Force (FATF) 40 Recommendations and 11 Immediate Outcomes.
COVID-19 Pandemic Impact
Despite being affected by the COVID-19 pandemic, NAMLOC has continued to provide input on the draft report and has been working closely with CFATF to address outstanding issues. The unit has also provided virtual training seminars to institutions island-wide through external partners.
Upcoming Mutual Evaluation Report
Saint Lucia is expected to present its 4th Round Mutual Evaluation Report at a forthcoming CFATF Plenary, where it will be evaluated by international experts. NAMLOC Unit officials are working diligently to ensure that the country is ready for this evaluation and to address any outstanding issues.
Commitment to Prevention
The government of Saint Lucia remains committed to preventing terrorism financing and money laundering on the island, and continues to work closely with regional and international partners to achieve this goal.