Financial Crime World

Saint Lucia Takes Proactive Approach to Compliance, Completes 2022 Money Laundering and Terrorist Financing National Risk Assessment

Saint Lucia has completed its 2022 Money Laundering and Terrorist Financing National Risk Assessment, a crucial step in ensuring the country is not used as a conduit for illicit activity. The risk assessment allows authorities to identify, assess, and understand exposure to money laundering and terrorist financing, implementing measures to mitigate identified risks.

A Collaborative Effort

The 2022 national risk assessment was a collaborative effort involving key stakeholders from both public and private sectors, including:

  • Financial Intelligence Authority
  • Customs and Exercise
  • Royal Saint Lucia Police Force
  • Office of the Director of Public Prosecutions
  • Inland Revenue Department
  • Financial Services Regulatory Authority
  • Eastern Caribbean Central Bank

Progress Made in Addressing Deficiencies

The Attorney General, Leslie Mondesir, highlighted government satisfaction with the National Anti-Money Launderling Oversight Committee’s (NAMLOC) work, citing progress made in addressing deficiencies. “Government is satisfied with the progress of the committee in light of our upcoming re-rating in November,” he stated.

Recommendations for Improvement

Saint Lucia has 22 recommendations partially or non-compliant, which will be addressed through continued efforts to augment resources, including:

  • Personnel
  • Technological tools
  • Training

These improvements aim to enhance regulatory and investigative capacities of competent authorities, ensuring the country meets international standards and remains a stable financial environment.

Legislative Amendments

Saint Lucia has made significant strides in addressing deficiencies through legislative amendments to:

  • Money Laundering Legislation
  • Anti-Terrorism Legislation
  • Proceeds of Crime Legislation
  • Virtual Assets Legislation
  • Mutual Legal Assistance Legislation

Proactive Approach to Compliance

The country’s proactive approach to compliance is expected to ensure it meets international standards and remains a stable financial environment. The National Anti-Money Launderling Oversight Committee (NAMLOC) will continue to work towards implementing measures to mitigate identified risks, ensuring Saint Lucia remains a responsible player in the global financial landscape.

Permanent Secretary in the Attorney General’s Chambers and Chair of NAMLOC, Juliana Alfred, hailed the country’s progress, citing legislative amendments, consultation with stakeholders, and the completion of the national risk assessment. The 2022 assessment revealed Saint Lucia is at medium overall for money laundering and medium-low for terrorist financing, an improvement from its previous assessments.

Saint Lucia is seeking re-rating in November, and it is expected that the country’s proactive approach to compliance will yield positive results.