Saint_Lucia St. Lucia

New Documents

The Treasury Department’s Office of Foreign Assets Control issued a notice concerning the addition of two individuals to the Specially Designated Nationals List with respect to Russia.

The Office of Foreign Assets Control released a cumulative list of changes made to the list of Specially Designated Nationals and Blocked Persons between Jan. 1, 2024, and June 21, 2024.

News

Enforcement Actions

India’s Financial Intelligence Unit penalized the Cayman Islands-based cryptocurrency exchange platform to resolve allegations of violations of the Prevention of Money Laundering Act 2002.

The U.S. Securities and Exchange Commission ordered the Chicago, IL-based business communication and marketing services provider to pay a civil penalty of $2,125,000 to settle violations relating to cybersecurity incidents and alerts in late 2021.


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 : 14 High : 0
Largely Compliant : 16 Substantial : 0
Partially Compliant : 6 Moderate : 3
Non-Compliant : 4 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