Financial Crime World

Saint Kitts and Nevis Introduces Tough Anti-Money Laundering Regulations

Saint Kitts and Nevis has taken a significant step in combating money laundering and terrorist financing by establishing an Anti-Money Laundering National Committee, according to the Anti-Money Laundering National Committee Act.

Functions of the Committee

The committee, responsible for overseeing the country’s anti-money laundering efforts, will have a range of functions aimed at preventing financial crimes. These include:

  • Issuing guidelines on the Mutual Evaluation process
  • Engaging with public and private stakeholders
  • Conducting risk-based outreach
  • Setting deadlines for deliverables
  • Submitting documents to the Financial Action Task Force (FATF)

Responsibilities

The committee will also be responsible for:

  • Coordinating actions to assess national money laundering and terrorist financing risks
  • Providing periodic updates of the National Risk Assessment
  • Implementing policies and regulations to address gaps in the anti-money laundering and counter-terrorist financing framework

Committee Composition

The committee will comprise 14 members from various government agencies, including:

  • Attorney General
  • Financial Secretary
  • Comptroller of Customs
  • Commissioner of Police
  • Director of Public Prosecutions
  • Senior representatives from:
    • Eastern Caribbean Central Bank
    • Inland Revenue Department
    • Financial Services Regulatory Commission
    • Immigration Department
    • Financial Intelligence Unit

Significance

The establishment of this committee is a significant development in St. Kitts and Nevis’ efforts to combat money laundering and terrorist financing, demonstrating the government’s commitment to upholding international standards and best practices in financial regulation.

Effective Date

The Anti-Money Laundering National Committee Act came into force on January 28, 2020, following its passage by Parliament. The law is a revised edition of the original legislation, prepared under the authority of the Law Commission.

Accessing the Revised Edition

A copy of the revised edition of the Anti-Money Laundering National Committee Act can be purchased from the Attorney General’s Chambers in St. Kitts or obtained online through the government’s website.