St_Kitts_and_Nevis St. Kitts and Nevis

New Documents

The Caribbean Financial Action Task Force published a second enhanced follow-up report on the anti-money laundering and counterterrorist financing regime of St. Kitts and Nevis.

The Caribbean Financial Action Task Force published a mutual evaluation report assessing the anti-money laundering and counterterrorist financing regime of St. Kitts and Nevis, including the jurisdiction’s compliance with the Financial Action Task Force Recommendations.

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 | 2013 Methodology

Technical Effectiveness
Compliant : 11 High : 0
Largely Compliant : 20 Substantial : 0
Partially Compliant : 9 Moderate : 3
Non-Compliant : 0 Low : 8

BASEL i

Rank : N/A
Score : N/A

TRANSPARENCY INTERNATIONAL i

Rank : N/A
Score : N/A

Tax Justice Network i

Rank : 68/133
Score : 75/100