Saint Lucia Tightens Financial Record-Keeping Requirements for Businesses

Strengthening Financial Transparency and Anti-Money Laundering Efforts

The Saint Lucian government has announced new regulations aimed at enhancing financial transparency and anti-money laundering efforts by requiring businesses to maintain accurate accounting records and establish robust systems of internal control and record keeping.

New Record-Keeping Requirements

• All licensees operating money services businesses in Saint Lucia are mandated to keep detailed accounting records that accurately reflect their financial activities.
• These records must be readily accessible and available upon request from regulatory authorities, including the Financial Services Authority (FSA).

Establishing Robust Systems of Internal Control and Record Keeping

In addition to maintaining accurate accounting records, licensees are required to establish and maintain systems of internal control and record keeping that ensure the integrity and accuracy of financial information. This includes:

• Procedures for inspection and reporting
• Timely and relevant information necessary to discharge duties as directors

Compliance with the Money Laundering (Prevention) Act

The new regulations also stress the importance of compliance with the Money Laundering (Prevention) Act, requiring licensees to institute procedures that meet the requirements set out in the legislation.

Goals and Expected Outcomes

By implementing these measures, the Saint Lucian government aims to:

• Enhance its ability to monitor financial transactions
• Combat money laundering and terrorist financing
• Improve transparency and accountability within the financial sector
• Contribute to a safer and more stable financial environment for businesses and individuals operating in Saint Lucia