Legislation: Money Laundering Prevention

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Summary

• This act is in line with all regional and industry standards
• It was passed into law in advance of the other International Financial Services Legislation.
• The Act covers a wide range of offences including proceeds from fraud, terrorism, corruption etc
• The act allows for mutual assistance with other States in combating money laundering
• The administration of the Act falls under the Financial Intelligence Authority (FIA).
• The Act is to be enforced by the Financial Intelligence Authority (FIA).
• The Act regulates the operation of all financial institutions in St. Lucia. The Act includes in the definition Financial Institution, entities that provide international financial services.
• There are provisions that require the ascertainment of the identity of the beneficial owner of any account, and the maintenance of records relating to that persons identity.
• The act provides for searches of financial institutions and other premises, freezes and even forfeiture of assets where justified.
• The act requires all financial institutions to develop internal reporting procedures and training to detect possible offences.

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