Saint Lucia Takes Strides to Ensure Financial Integrity through Risk-Based Approach to AML

Saint Lucia has made significant progress in combating money laundering and terrorist financing, with the completion of its 2022 National Risk Assessment. This assessment is a crucial part of the country’s risk-based approach to anti-money laundering (AML), allowing Saint Lucia to identify, assess, and understand its exposure to illicit activities.

Risk-Based Approach to AML

The risk-based approach involves identifying and assessing the risks associated with money laundering and terrorist financing. According to Juliana Alfred, Permanent Secretary in the Attorney General’s Chambers and Chair of the National Anti-Money Laundering Oversight Committee (NAMLOC), Saint Lucia has been working diligently to ensure its readiness for rerating.

Legislative Amendments

“We’ve had quite a bit of legislative amendments undertaken,” said Alfred. “We’ve had a lot of consultation with various stakeholders, and very importantly we’ve undertaken a national risk assessment.”

National Risk Assessment

The latest risk assessment indicates that Saint Lucia is at medium overall for money laundering and medium-low for terrorist financing. This represents an improvement from its 2019 assessment, which rated the country as medium-high for money laundering and medium for terrorist financing.

Progress and Recommendations

Attorney General Leslie Mondesir commended the efforts of NAMLOC, stating that the government is satisfied with the committee’s progress in addressing deficiencies. “Government so far is satisfied with the work of the National Anti-Money Laundering Oversight Committee,” he said. “I have been briefing Cabinet as to the progress and so far we are satisfied with the progress of the committee.”

Saint Lucia has 22 recommendations partially or non-compliant, which it will address through a collaborative effort with key stakeholders from both the public and private sectors.

Implementation Plan

The country is confident that its efforts will yield positive results. Alfred stated, “I can safely say that we are very happy with the feedback that we are receiving in terms of the work that Saint Lucia has undertaken.”

To augment resources, including personnel, technological tools, and training, to improve the regulatory and investigative capacities of competent authorities.

Conclusion

Saint Lucia’s risk-based approach is expected to ensure that it remains a conduit for illicit activities and maintains its reputation as a responsible financial jurisdiction. The country is now applying for a re-rating in November and is confident that its efforts will yield positive results.