St. Kitts and Nevis

New Documents

The St. Kitts’ Financial Services Regulatory Commission issued a notice outlining the regulator’s response to the COVID-19 pandemic, noting that on-site examinations and follow-up examinations are suspended for the month of April 2020.

The government of St. Kitts and Nevis passed the Virtual Assets Bill, which imposes registration requirements for virtual asset businesses.

News

Enforcement Actions

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Important Facts

  • The U.S. State Department labels St. Kitts and Nevis as a major money laundering jurisdiction. The two islands in the Eastern Caribbean are covered by the same anti-money laundering/counterterrorist financing and offshore legislation.  The federation is at major risk for corruption and money laundering because of the high volume of narcotics trafficking activity around the islands. The growth of its offshore sector and its unusually strong secrecy laws also contribute to the federation's money laundering vulnerabilities. Although the Federation maintains two Financial Services Regulatory Commissions (FSRC) responsible for the licensing, regulation, and supervision of regulated persons and entities, only one conducts supervision of international financial services businesses. The Nevis branch of the FSRC requires banks to have a physical presence in the federation and prohibits shell banks but has limited supervisory oversight of gaming in the Federation and so has limited responsibilities for AML/CTF supervision of casinos.
Source: 2020 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i

Technical Effectiveness
Compliant : 8 High :
Largely Compliant : 8 Substantial :
Partially Compliant : 25 Moderate :
Non-Compliant : 8 Low :

BASEL i

Rank : N/A
Score : N/A

TRANSPARENCY INTERNATIONAL i

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Tax Justice Network i

Rank : 68/133
Score : 75/100