Financial Crime World

Saint Lucia Makes Progress in Combating Terrorism Financing

Upgraded to “Compliant” with Recommendation R.5

Castries, Saint Lucia - In a significant development, Saint Lucia has made substantial progress in addressing technical deficiencies in its Anti-Terrorism Act (ATA), resulting in an upgrade from “Partially Compliant” to “Compliant” with Recommendation R.5.

Strengthening Efforts Against Terrorism Financing

The revisions aim to strengthen the country’s efforts against terrorism financing by imposing more effective penalties on legal persons that commit offenses under the ATA. The amendments also broaden the scope of offenses to include:

  • Financing travel for terrorist training, punishable by fines up to XCD2,000,000 (USD736,133) or imprisonment for life.
  • Other offenses related to terrorism financing.

Addressing Criticisms

The changes are a direct response to criticism that the previous penalty structure was not proportionate or dissuasive enough. The revised legislation ensures that legal persons can be held accountable for their actions and face severe consequences if found guilty of financing terrorist activities.

Clarifying Definitions

Additionally, Saint Lucia has clarified the definition of “person” in the ATA to include any entity, natural or juridical, capable of acquiring rights or entering into obligations. This expansion ensures that offenses under the act apply equally to legal persons and individuals alike.

Regulatory Authority Empowered

The country’s regulatory authority is also empowered to:

  • Suspend or cancel licenses and certificates issued to individuals or entities found guilty of terrorism financing-related offenses.
  • Take other measures necessary to combat terrorism financing and upholding international standards.

Commitment to Combating Terrorism Financing

These measures demonstrate Saint Lucia’s commitment to combating terrorism financing and upholding international standards. The upgrade from “Partially Compliant” to “Compliant” with Recommendation R.5 reflects the country’s efforts to address technical deficiencies in its legislation and regulations, highlighting its dedication to strengthening its anti-money laundering and combating the financing of terrorism (AML/CFT) framework.

Enhancing Reputation

With this progress, Saint Lucia has taken a significant step towards enhancing its reputation as a responsible and cooperative international partner in the fight against terrorism financing.