Saint Lucia Takes Step towards Combating Financial Terrorism

Strengthening Financial System against Money Laundering and Terrorist Financing

Castries, Saint Lucia - In a significant move to fortify its financial system and prevent the misuse of money laundering for terrorist financing, Saint Lucia has made notable progress in implementing measures to combat financial terrorism.

Partial Compliance with FATF Recommendations

According to the latest Mutual Report 2021 from the Financial Action Task Force (FATF), Saint Lucia has demonstrated partial compliance with many of the technical requirements recommended by the international organization. The report assesses the country’s efforts in preventing money laundering and terrorist financing, as well as its ability to implement effective measures to detect and prevent these illicit activities.

Notable Progress

The report highlights several areas where Saint Lucia has made notable progress:

• Implementation of a risk-based approach to assessing financial transactions
• Establishment of targeted financial sanctions related to terrorism and terrorist financing
• Strengthened cooperation with international partners in combating money laundering and terrorist financing

Areas for Improvement

However, the report also identifies some areas where Saint Lucia needs to improve:

• Enhancing regulation and supervision of financial institutions and DNFBPs (designated non-financial businesses and professions)
• Increasing transparency and beneficial ownership of legal persons and arrangements

Commitment to Strengthening Financial System

Despite these challenges, Saint Lucia’s efforts to combat financial terrorism are commendable, and the country is committed to continuing to strengthen its financial system and prevent the misuse of money laundering for terrorist financing.