Saint Lucia Moves Ahead with AML Regulations Amid Regional Standards

St. Lucia has made significant strides in combating money laundering by enacting legislation aimed at preventing the crime. This move comes ahead of other international financial services legislation, underscoring the island nation’s commitment to compliance with regional and industry standards.

Key Provisions of the Legislation

• Covers a wide range of offences including proceeds from fraud, terrorism, corruption, and others
• Allows for mutual assistance with other states in combating money laundering, ensuring close collaboration with international partners
• Regulates the operation of all financial institutions in St. Lucia, including entities that provide international financial services

Enforcement and Implementation

• The Financial Intelligence Authority (FIA) will be responsible for enforcing the Act
• Requires financial institutions to ascertain the identity of the beneficial owner of any account and maintain records relating to that person’s identity
• Provides for searches of financial institutions and other premises, freezes and forfeiture of assets where justified

Strengthening Transparency and Accountability

• Requires all financial institutions to develop internal reporting procedures and training to detect possible offences
• Ensures transparency and accountability in the financial sector

Boosting Investor Confidence and Regional Position

• Demonstrates St. Lucia’s commitment to combating money laundering and maintaining a clean financial system
• Expected to boost investor confidence and strengthen the island nation’s position as a reliable financial hub in the region