Financial Crime World

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Saint Lucia’s Anti-Money Laundering Regulations: A Review of Compliance with FATF Recommendations

The Financial Action Task Force (FATF) has released its Mutual Report on Saint Lucia, assessing the country’s implementation of anti-money laundering (AML) regulations. The report evaluates Saint Lucia’s compliance with 40 key recommendations aimed at preventing money laundering and terrorist financing.

Compliance Status

According to the report, Saint Lucia is partially compliant (PC) in the following areas:

  • Assessing Risk and Applying a Risk-Based Approach (R.1)
  • National Cooperation and Coordination (R.2)
  • Customer Due Diligence (R.10)

The country is also found to be partially compliant in implementing measures for:

  • Targeted Financial Sanctions related to Terrorism and Terrorist Financing (R.6)
  • Correspondent Banking (R.13)
  • Money or Value Transfer Services (R.14)

Largely Compliant

Saint Lucia is largely compliant (LC) in the following areas:

  • Confiscation and Provisional Measures (R.4)
  • Financial Institution Secrecy Laws (R.9)
  • Internal Controls and Foreign Branches and Subsidiaries (R.18)

Non-Compliant

The country is found to be non-compliant (NC) in the following areas:

  • Targeted Financial Sanctions related to Proliferation (R.7)
  • Transparency and Beneficial Ownership of Legal Persons (R.24)
  • Regulation and Supervision of Financial Institutions (R.26)

Areas for Improvement

The report identifies several areas where Saint Lucia needs improvement, including:

  • Implementation of a Risk-Based Approach for Non-Profit Organizations (R.8)
  • Reporting of Suspicious Transactions (R.20)
  • Tipping-Off and Confidentiality (R.21)

The country is also urged to enhance its powers of:

  • Supervisors (R.27)
  • Law Enforcement and Investigative Authorities (R.30)

Conclusion

The FATF report serves as a guide for Saint Lucia to strengthen its AML/CFT framework, improve cooperation with international partners, and ensure the effective prevention of money laundering and terrorist financing.