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.

St.Kitts and Nevis 2nd Enhanced Follow-Up Report and Technical Compliance Re-rating

Port of Spain, Trinidad and Tobago, December 18, 2023 – St. Kitts and Nevis has undergone an enhanced follow-up process following the adoption of its Mutual Evaluation Report. The report assessed the effectiveness of St. Kitts and Nevis’ 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. Kitts and Nevis has reported to the CFATF regarding the progress it has made to strengthen its AML/CFT framework and the 2^nd Follow-Up Report of St. Kitts and Nevis evaluates the country's efforts to address the technical compliance deficiencies identified in the Mutual Evaluation.

According to the report, St. Kitts and Nevis has made considerable strides in its fight against ML and TF since its 2022 Mutual Evaluation Report. As a result, the Caribbean Financial Action Task Force has re-rated the country on five out of the 40 Recommendations:

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

Recommendation 6: Targeted financial sanctions related to terrorism & terrorist financing from Partially Compliant to Largely Compliant.

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

Recommendation 25: Transparency and beneficial ownership of legal arrangements from Partially Compliant to Largely Compliant

Recommendation 26: Regulation and supervision of financial institutions from Partially Compliant to Largely Compliant

St. Kitts and Nevis is presently rated as Compliant or Largely Compliant with 31 out of the 40 FATF Recommendations.

 Click here to gain access to the FUR.

Jamaica 6th Enhanced Follow-Up Report and Technical Compliance Re-Rating

Port of Spain, Trinidad and Tobago, December 15, 2023 –Jamaica has undergone an enhanced follow-up process following the adoption of its Mutual Evaluation Report. The report assessed the effectiveness of Jamaica's 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, Jamaica has reported to the CFATF regarding the progress it has made to strengthen its AML/CFT framework and the 6^th Follow-Up Report of Jamaica evaluates the country's efforts to address the technical compliance deficiencies identified in the Mutual Evaluation.

According to the report, Jamaica has made considerable strides in its fight against ML and TF since its 2017 Mutual Evaluation Report. As a result, the CFATF has re-rated the country on four out of the 40 Recommendations:

Recommendation 22: Designated Non-Financial Business and Professions (DNFBPs): Customer Due Diligence from Partially Compliant to Largely Compliant.

Recommendation 23: DNFBPs : Other Measures from Partially Compliant to Largely Compliant.

Recommendation 24: Transparency and Beneficial Ownership of Legal Persons from Partially Compliant to Compliant.

Recommendation 28: Regulation and Supervision of DNFBPs from Partially Compliant to Largely Compliant

Jamaica is presently rated as Compliant or Largely Compliant with 37 out of the 40 FATF Recommendations.

  Click here  to gain access to the FUR.

CFATF 57^th Plenary and Working Group Meetings Outcomes

In the front table, from left to right: Ms Avelon Perry, Financial Advisor (CFATF Secretariat); Ms Celeste McCalla, WGFI Co-Chair; Mr Francis Arana, WGFI Co-Chair; Ms Dawne Spicer, Executive Director (CFATF Secretariat); the Honourable Samuel Bulgin, KC, JP, CFATF Chair (Cayman Islands); Mr Angelo Brete, Director FIU Aruba, CFATF Deputy Chair; Mr Loxly Ricketts, Deputy Executive Director (CFATF Secretariat); and Ms Cheryl-Ann Lister CFATF Immediate Past Chair (Bermuda).

Hilton Aruba Caribbean Resort & Casino, November 26th 2023 to December1^st 2023 – The CFATF 57^th Plenary and Working Group Meetings took place from November 29^th to December 1^st 2023 under the Chairmanship of the Honourable Samuel Bulgin, KC, JP, Attorney General of the Cayman Islands.  

The main issues dealt with by this Plenary were:

1. Mutual Evaluation Reports – 30^th November and 1^st December 2023: The CFATF 57^th Plenary discussed the MERs of the Virgin Islands and St. Vincent and the Grenadines. These reports were prepared based on the FATF 4^thRound Methodology. They set out the level of effectiveness of the country’s AML/CFT system and their level of technical compliance with the FATF Recommendations. The Plenary approved these MERs following discussions at the CFATF Working Group on FATF Issues (WGFI) meeting and Plenary. The completion of the Post-Plenary Quality and Consistency (Q&C) process is pending, after which these reports will be published on the CFATF website.
2. CFATF Heads of FIU Forum (HoFIU)– 26^th November 2023: The HoFIU was informed about updates by the Egmont Group’s Regional Representative for the Americas. The Law Enforcement Assistance Programme to Reduce Tropical Deforestation (LEAP), United Nation Office on Drugs and Crime (UNODC), presented on the topic of "Illegal Deforestation and Associated Financial Flows". Furthermore, a panel of experts discussed the risks of environmental crime and FIUs domestically and internationally. The CFATF FIUs' activities in the Region were also presented in a paper. Additionally, the Financial Criminal Investigation Network (FCInet) from the Netherlands delivered a presentation, and COPOLAD provided information on technical assistance and training updates.
3. CFATF Risk Trends and Methods Group (CRTMG) – November 26^th, 2023: The CRTMG addressed the outcomes of the FATF RTMG meeting in June and October 2023. Updates were also given on the CRTMG projects concerning the stocktaking exercise on 'de-risking' in the Caribbean region and the potential implications of a hybrid decriminalization approach or legislation of cannabis on AML/CFT. Regarding new projects, a presentation and concept note were shared which focused on ML vulnerabilities in the financial arrangements of non-traditional DNFBPs. The experts meeting scheduled for 2024 was also discussed. Lastly, the 2023 BREMOLT Awards were presented and voted on during the meeting.
4. CFATF Working Group on FATF Issues (WGFI) -27^th and 28^th November 2023: The WGFI informed its delegates of the Key Issues (KIs) of the Mutual Evaluation Reports of the Virgin Islands (British) and St. Vincent and the Grenadines. The WGFI agreed to present four (4) KIs to the Plenary for discussion for the Virgin Islands (British). For the MER of St. Vincent and the Grenadines, the Working Group discussed five (5) KIs and concluded that only one needed to be submitted to the Plenary for discussion. A presentation was delivered on the outcomes of the June and October 2023 FATF Working Group meetings. Finally, the Working Group discussed amendments to the CFATF Procedures for the 4^th Round of Mutual Evaluations.