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Saint Lucia Strengthened Anti-Money Laundering and Combating Financing of Terrorism Regulations

Castries, Saint Lucia

The government of Saint Lucia has made significant improvements to its anti-money laundering (AML) and combating financing of terrorism (CFT) regulations, demonstrating a commitment to preventing the misuse of financial systems for illicit activities.

Enhanced Penalties for AML/CFT Violations

The amendments to the Money Laundering Prevention Act (MLPA) and the Anti-Terrorism Act (ATA) introduce more stringent penalties for AML/CFT violations. On summary conviction, individuals can face fines ranging from XCD 500,000 to XCD 5 million or imprisonment from 5 to 15 years. Upon indictment, individuals can be fined up to XCD 10 million.

Broader Definition of “Criminal Conduct” and Enhanced Enforcement Mechanism

The amendments also broaden the definition of “criminal conduct” under the MLPA, enabling authorities to tackle a wider range of financial crimes. The ATA now clearly defines “person” to include any entity, natural or juridical, capable of acquiring rights or entering into obligations.

Furthermore, the regulatory authority has been empowered to suspend or cancel licenses and certificates issued to individuals or entities found guilty of AML/CFT violations. This enhanced enforcement mechanism is expected to increase the effectiveness of AML/CFT measures in Saint Lucia.

Increased Transparency and Accountability

In addition, the MLPA Amendment Act 2021 prohibits the keeping of anonymous accounts or accounts in obviously fictitious names, ensuring greater transparency and accountability in financial transactions.

Compliance with International Standards

These improvements have been made in response to recommendations from the Financial Action Task Force (FATF) and demonstrate Saint Lucia’s commitment to implementing AML/CFT regulations that meet international standards.

“The government is committed to preventing the misuse of our financial systems for illicit activities,” said a senior official. “We believe these amendments will help us stay ahead of the curve in terms of anti-money laundering and combating financing of terrorism efforts.”

Progress Report

Saint Lucia has been re-rated Compliant with Recommendation 4 and Recommendation 5, reflecting its progress in addressing deficiencies identified in previous evaluations.

Contact Information

For more information, please contact [Name], Director of Financial Intelligence Unit, at [Email] or [Phone].