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Saint Lucia’s Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) Regulations

Saint Lucia’s AML/CFT regulations have been assessed by the Financial Action Task Force (FATF). While the country has made significant progress in implementing the technical requirements of the FATF Recommendations, there are still some challenges that need to be addressed.

Compliance and Challenges

According to Saint Lucia’s Follow-Up Report 2023, the country is largely compliant with several key aspects of AML/CFT regulation. For example:

• The country has implemented a risk-based approach to assess the risks posed by money laundering and terrorist financing (R.1).
• Effective national cooperation and coordination mechanisms have been established (R.2).

However, there are some areas where Saint Lucia needs to improve, including:

• Measures to confiscate and freeze assets related to terrorism and terrorist financing have not yet been fully implemented (R.4).
• Laws and regulations regarding the financing of proliferation are still inadequate (R.7).

Non-Compliance and Partial Compliance

In other areas, Saint Lucia’s AML/CFT regulations are partially compliant or non-compliant, including:

• Measures to prevent the misuse of new technologies for money laundering and terrorist financing have not yet been established (R.15).
• Laws and regulations regarding transparency and beneficial ownership of legal persons and arrangements are still inadequate (R.24-25).

Recommendations

To ensure that Saint Lucia is fully compliant with international standards, the country should focus on implementing measures to:

• Prevent money laundering and terrorist financing through new technologies.
• Improve transparency and beneficial ownership requirements.
• Enhance laws and regulations regarding the financing of proliferation.

AML/CFT Ratings

Here are the details of Saint Lucia’s AML/CFT ratings:

Note: LC = Largely Compliant, PC = Partially Compliant, NC = Non-Compliant, C = Compliant