FATF reports AML progress for Saint Lucia

Monday, 05 February 2024
The Financial Action Task Force (FATF) has re-rated Saint Lucia as compliant or largely compliant on 20 recommendations on which it was previously partially compliant or non-compliant.

After the results of its mutual evaluation report were published in January 2021, the jurisdiction was placed under FATF's enhanced follow-up process, because of its large number of non-compliant ratings and low levels of enforcement effectiveness.

Very significant progress has been made since then, however. Its rating has been upgraded to fully compliant on FATF Recommendations 1, 2, 5, 12, 16, 17, 18, 19, 20, 23, 27, 29 and 34. It is rated largely compliant with Recommendations 3, 10, 14, 22, 35, 37 and 40. In all, it is rated fully or largely compliant on 30 of the 40 FATF recommendations.

It remains partially compliant with only two recommendations. One is Recommendation 38, regarding powers to confiscate the proceeds of money laundering at the request of a foreign country, without the need for a criminal conviction.

The other is Recommendation 15, regarding supervision of new technologies, particularly virtual assets. The text of this Recommendation has been amended in recent years as technology has developed, and a large number of jurisdictions have not kept up with it.

Saint Lucia will remain in FATF enhanced follow-up until at least November 2024, when its next report is due.


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