St. Lucia

New Documents

The U.S. Justice Department announced that Peter Sotis and Emilie Voissem were convicted by a federal jury of conspiracy to violate the International Emergency Economic Powers Act for participating in a scheme to export of rebreather diving equipment to Libya.

The Malta Gaming Authority published a series of amendments to the Gaming Authorisations and Compliance Directive 3 of 2018 and the Policy on the Eligibility and Ongoing Competency Criteria for Key Persons, including changes to the applicability of suspicious betting reporting requirements.

News

Enforcement Actions

The Office of the Comptroller of the Currency entered into a consent order with Jackson, Mississippi-based financial institution, imposing a $4 million civil monetary penalty for violations of the Fair Housing Act.

The Office of the Comptroller of the Currency issued a consent order requiring the Seattle, Washington-based financial institution to pay a $2.5 million money penalty for failing to implement an adequate Bank Secrecy Act and anti-money laundering compliance program.


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