Saint Lucia Moves to Combat Financial Crime with Enactment of Money Laundering Prevention Act

The government of Saint Lucia has enacted the Money Laundering Prevention Act, strengthening its anti-money laundering framework and demonstrating its commitment to combating financial crime.

Criminalization of Offenses

The act criminalizes a wide range of offenses, including:

• Proceeds from fraud
• Terrorism
• Corruption
• Illicit activities

Additionally, it provides for mutual assistance with other states in tackling money laundering, enhancing international cooperation and information sharing.

Administration and Enforcement

The Financial Intelligence Authority (FIA) is responsible for the administration and enforcement of the act. The FIA regulates the operation of all financial institutions in Saint Lucia, including entities that provide international financial services.

Prevention Measures

To prevent money laundering, the act requires financial institutions to:

• Ascertain the identity of the beneficial owner of any account
• Maintain records relating to that person’s identity

This move is aimed at preventing anonymous transactions and ensuring transparency in financial dealings.

Power to Conduct Searches and Freeze Assets

The act also empowers authorities to:

• Conduct searches of financial institutions and other premises
• Freeze assets
• Forfeit them where justified

Furthermore, it obliges all financial institutions to develop internal reporting procedures and training programs to detect possible offenses.

Enhancing Reputation as a Financial Hub

With the enactment of this legislation, Saint Lucia has taken a significant step towards preventing and combating financial crime, thereby enhancing its reputation as a reputable and trustworthy financial hub in the region.