St. Lucia

New Documents

The Justice Department highlighted an unsealed indictment that accuses 12 individuals of running a transmigrante operation involved in numerous crimes.

Federal prosecutors in New Jersey brought charges against Charles Singleton, accusing him of money laundering.

News

Enforcement Actions

The Office of the Attorney General of Switzerland issued a CHF 4 million penalty against the Swiss company for failing to take necessary and reasonable organizational actions in order to prevent bribery payments to foreign officials in South Africa.

The U.S. Securities and Exchange Commission ordered the Zurich, Switzerland-based electrification and automation technology company to pay a $75 million civil monetary penalty, $58 million in disgorgement, and prejudgement interest of $14,554,267 for violating the Foreign Corrupt Practices Act.


Key Documents

Important Facts

  • The U.S. State Department identifies St. Lucia as a major money laundering jurisdiction. Although St. Lucia’s expanding citizenship by investment programs and international businesses raise concerns regarding its potential to enable corruption, the jurisdiction has adopted new amendments that limit such risks, by for example, limiting tax exemptions for investment firms that are considered residents of the jurisdiction and requiring better information sharing programs. The amended legislation also requires resident entities to maintain a register of beneficial owners. Despite these amendments, the jurisdiction's geographic location and porous borders increase its risks of money laundering  of drug trafficking proceeds. Money laundering most commonly occurs through structured deposits, currency exchanges, cash real estate transactions, jewelry dealers, legal services, and nonprofit organizations.
Source: 2020 International Narcotics Control Strategy Report (INCSR)  

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 1 High : 0
Largely Compliant : 9 Substantial : 0
Partially Compliant : 24 Moderate : 3
Non-Compliant : 6 Low : 8

BASEL i

Rank : 113/141
Score : 4.25/10

TRANSPARENCY INTERNATIONAL i

Rank : 48/180
Score : 55/100

Tax Justice Network i

Rank : 132/133
Score : 71/100