St. Lucia

New Documents

Switzerland’s Federal Council announced that the Federal Act on the Adaptation of Federal Law to Developments in Distributed Electronic Register Technology will enter fully into force on Aug. 1, 2021.

HM Treasury’s Office of Financial Sanctions Implementation published a notice concerning amendments made to the identifying information of one individual designated pursuant to the Russia (Sanctions) (EU Exit) Regulations 2019.

News

Enforcement Actions

The Reserve Bank of India issued a monetary penalty of 12 lakh rupees against the Mumbai, India-based financial institution for violating know-your-customer rules.

The Reserve Bank of India issued a monetary penalty of 10 lakh rupees against the Maharashtra, India-based bank for not adhering to the know-your-customer requirements.


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