Financial Crime World

Risk-Based Approach to AML in St. Lucia Gains Recognition from Global Financial Task Force

Major Milestone for Anti-Money Laundering and Counter-Terrorist Financing Efforts

January 9, 2024 - PORT OF SPAIN, TRINIDAD AND TOBAGO

The Caribbean Financial Action Task Force (CFATF) has re-rated St. Lucia’s compliance with international standards, recognizing significant progress made in implementing a risk-based approach to anti-money laundering (AML).

Improved Ratings and Technical Compliance

According to the 3rd Enhanced Follow-Up Report and Technical Compliance Re-rating, released today, St. Lucia has addressed technical deficiencies identified in its 2021 Mutual Evaluation Report, resulting in improved ratings for 22 out of 40 FATF Recommendations.

The country is now fully compliant with:

  • Recommendation 1: Availability and accessibility of information by competent authorities
  • Recommendation 2: Reporting of suspicious transactions
  • Recommendation 3: International cooperation
  • Recommendation 5: Customer due diligence
  • Recommendation 12: Sanctions
  • Recommendation 16: Cash transactions
  • Recommendation 17: Wire transfers
  • Recommendation 18: Travel rule
  • Recommendation 19: Beneficial ownership information
  • Recommendation 20: Money laundering and terrorist financing risk assessment
  • Recommendation 27: Financing of proliferation of weapons of mass destruction
  • Recommendation 29: Terrorist financing
  • Recommendation 34: Cooperation with other countries

St. Lucia is also partially compliant with several other FATF Recommendations.

Strengthening the AML/CFT Framework

The country’s enhanced efforts have focused on strengthening its AML/CFT framework, including:

  • The adoption of a risk-based approach to identifying and mitigating money laundering risks
  • Implementing new regulations
  • Strengthened supervisory powers
  • Enhanced cooperation with foreign authorities

Significant Progress Made

The CFATF report highlights significant progress made by St. Lucia in addressing technical deficiencies, including:

  • Implementation of new regulations
  • Strengthened supervisory powers
  • Enhanced cooperation with foreign authorities

Full Compliance within Reach

St. Lucia’s new ratings bring the country closer to full compliance with international standards, with 30 out of 40 FATF Recommendations now rated as Compliant or Largely Compliant.

This achievement reflects St. Lucia’s commitment to fighting money laundering and terrorist financing, and its willingness to adapt to evolving global AML/CFT standards.

Access the Full Report

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