Saint Lucia 3^rd Enhanced Follow-Up Report and Technical Compliance Re-rating

Port of Spain, Trinidad and Tobago, January 9, 2024 – Saint Lucia has undergone an enhanced follow-up process following the adoption of its Mutual Evaluation Report. The report assessed the effectiveness of Saint Lucia anti-money laundering and counter-terrorist financing (AML/CFT) measures and the country's compliance with the FATF Recommendations. 

In conformity with the CFATF Procedures for the Fourth Round of AML/CFT Mutual Evaluations, St. Saint Lucia has reported to the CFATF regarding the progress it has made to strengthen its AML/CFT framework and the 3^rd Follow-Up Report of Saint Lucia evaluates the country's efforts to address the technical compliance deficiencies identified in the Mutual Evaluation.

According to the report, Saint Lucia has made considerable strides in its fight against ML and TF since its 2021 Mutual Evaluation Report. As a result, the Caribbean Financial Action Task Force has re-rated the country on 22 out of the 40 Recommendations:

Recommendation 1: Assessing risks & applying a risk-based approach from Partially Compliant to Compliant

Recommendation 2: National cooperation and coordination from Partially Compliant to Compliant

Recommendation 3: Money laundering offence from Partially Complaint to Compliant

Recommendation 5: Terrorist Financing offence from Partially Complaint to Compliant

Recommendation 10: Customer due diligence from Partially Compliant to Largely Compliant

Recommendation 12: Politically exposed persons from Partially Compliant to Compliant

Recommendation 14: Money or value transfer services from Partially Complaint to Largely Compliant

Recommendation 15: New Technologies remains a Partially Complaint

Recommendation 16: Wife Transfers from Non-Compliant to Compliant

Recommendation 17: Reliance on third parties from Partially Compliant to Compliant

Recommendation 18: Internal Controls and foreign branches and subsidiaries from Partially Compliant to Compliant

Recommendation 19: Higher-risk countries from Partially Compliant to Complaint

Recommendation 20: Reporting of suspicious transactions from Partially Compliant to Compliant

Recommendation 22: DNFBPs: Customer due diligence from Partially Complaint to Largely Compliant

Recommendation 23: DNFBPs: other measures from Partially Complaint to Compliant

Recommendation 27: Powers of Supervisors from Partially Compliant to Compliant

Recommendation 29: Financial Intelligence units from Partially Compliant to Compliant

Recommendation 34: Guidance and feedback from Partially Complaint to Compliant

Recommendation 35: Sanctions from Partially Complaint to Largely Compliant

Recommendation 37: Mutual legal assistance from Partially Compliant to Largely Compliant

Recommendation 38: Mutual legal assistance: freezing and confiscation remain a Partially Compliant

Recommendation 40: Other forms of international cooperation from Partially Compliant to Largely Compliant

Saint Lucia is presently rated as Compliant or Largely Compliant with 30 out of the 40 FATF Recommendations.

Click here to gain access to the FUR.