St. Lucia

New Documents

The Group of Seven leaders issued a communiqué following their discussions on the latest Ukrainian efforts to counter Russia’s military aggression.

The Office of Foreign Assets Control published one new frequently asked question and one amended frequently asked question relating to recently issued general licenses under the Russia sanctions regulations.

News

Enforcement Actions

The Reserve Bank of India fined the Tamil Nadu, India-based bank for its regulatory shortcomings.

The Reserve Bank of India imposed a fine of ₹57.50 lakh on the Chennai, India-based bank for regulatory shortcomings, including non-compliance with the regulator’s anti-fraud directive.


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