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St. Kitts and Nevis Steps Up Efforts to Combat Money Laundering and Terrorism Financing

A Robust Anti-Money Laundering and Countering Financing of Terrorism Regime

In response to the global fight against money laundering and terrorism financing, the Federation of St. Christopher (St. Kitts) and Nevis is working tirelessly to create an environment hostile to these illicit activities. The country’s robust Anti-Money Laundering and Countering Financing of Terrorism regime requires financial institutions to submit:

• Suspicious Transaction Reports with the St. Kitts and Nevis Financial Intelligence Unit
• Terrorist Property Reports with the same unit

The Role of the Financial Intelligence Unit (FIU)

As an “Administrative Model” FIU, established under the Financial Intelligence Unit Act Cap 21.09 as amended, our responsibilities include:

• Receiving and analyzing suspicious transaction reports related to money laundering and terrorist financing
• Receiving terrorist property reports
• Disseminating gathered information to relevant authorities for necessary action
• Tracing illicit funds, serving as a link between administrative, supervisory, law enforcement, and judicial authorities tasked with identifying and tracing money laundering and terrorist financing capital flows

The Importance of Collaboration and Cooperation

The phenomena of money laundering and terrorism financing are borderless, requiring:

• Collaboration among domestic and international agencies
• Cooperation to combat these scourges that can wreak havoc within our financial system
• Prompt action to prevent and detect illicit activities

The Crucial Role of Suspicious Activity Reports

It is crucial that all suspicious activities encountered or detected are submitted to the FIU, as it is:

• The law
• Essential for creating a secure environment that is an essential requirement for economic growth and people’s well-being