St. Lucia: End of the CFATF Third Round Follow-Up Process & CFATF International Cooperation Review Group (CFATF ICRG) Monitoring
The CFATF held its XXXIX Plenary in Miami, Florida during the week of May 25-29, 2014 during which time some Member countries were removed from the third round follow-up process and entered biennial updating; while other Member countries exited the CFATF ICRG monitoring process.
JURISDICTIONS THAT WERE UNDER CFATF ICRG REVIEW AND HAVE MADE SIGNIFICANT PROGRESS IN ADDRESSING THEIR AML/CFT DEFICIENCIES
The CFATF acknowledges the significant progress made by St. Lucia in improving its AML/CFT regime and notes that St. Lucia has established the legal and regulatory framework to meet its commitments in its agreed Action Plan regarding the strategic deficiencies that the CFATF had identified. St. Lucia is therefore no longer subject to the CFATF ICRG monitoring process.
Additionally, it is noted that under the CFATF follow-up process, since the adoption of its 2008 Mutual Evaluation Report, St. Lucia has developed and executed a reform agenda that has resulted in the great majority of Recommendations being fully resolved. Therefore, St. Lucia was removed from the CFATF follow-up process at the May 2013 Plenary in Managua, Nicaragua.
The May 2013 follow-up report (7th Follow-Up Report) for St. Lucia contains a detailed description and analysis of the actions taken by St. Lucia to rectify the deficiencies identified in respect of the Core and Key Recommendations rated PC or NC in their 2008 mutual evaluation report.