Financial Crime World

Saint Lucia’s Money Laundering Prevention Regulations: Guidelines for Business Activities

The Money Laundering (Prevention) (Guidelines for Other Business Activity) Regulations, enacted under the Money Laundering (Prevention) Act No. 8 of 2010 in Saint Lucia, provide a framework for businesses to combat money laundering and adhere to international best practices.

Overview of the Regulations

These regulations, which can be cited as the Money Laundering (Prevention) (Guidelines for Conducting Other Business Activity) Regulations 2012 (MLPOBAR 2012), aim to regulate various business activities and impose penalties for breaches.

  • Issued by the Attorney General
  • Citeable as MLPOBAR 2012
  • Outline guidelines for other business activities
  • Regulate activities to combat money laundering
  • Impose penalties for breaches

Compliance with the Guidelines

The Financial Intelligence Authority (FIA) regards the adoption of adequate policies, procedures, and practices for the deterrence and prevention of money laundering as crucial.

  • Enforces Money Laundering Prevention Act
  • Adequate systems crucial
  • Non-compliance may call into question business integrity

Guidelines Topics

The guidelines cover various topics to assist businesses in complying with money laundering legislation.

Role of Group Practices

  • Comply with regulations as a group
  • Designate a Money Laundering Reporting Officer (MLRO)
  • Implement internal controls

Relevance of Other Offenses

  • Tipping off
  • Prejudicing the investigation

Scope and Application

  • Covers various business activities
  • Applies to businesses and their employees
  • Applies to activities within or outside of Saint Lucia

Business Responsibility

Businesses are encouraged to maintain links with the FIA and ensure their internal systems and procedures are effective and up to date through regular contact and open communication.

  • Maintain communication with FIA
  • Update systems effectively
  • FIA acknowledges existing systems as long as they meet or exceed guidelines

Penalties for Breach

A breach of the guidelines constitutes an offense, and offenders are liable to fines not exceeding one million dollars.

  • Breach of guidelines is an offense
  • Offenders subject to fines not exceeding one million dollars