Saint_Lucia St. Lucia

New Documents

HM Treasury’s Office of Financial Sanctions Implementation issued a notice concerning amendments made to the consolidated list entry for one individual designated pursuant to the Central African Republic (Sanctions) (EU Exit) Regulations 2020.

HM Treasury’s Office of Financial Sanctions Implementation issued a notice concerning corrections made to the sanctions entry for one individual targeted pursuant to the Democratic Republic of the Congo (Sanctions) (EU Exit) Regulations 2019.

News

Enforcement Actions

The Bank of Russia revoked the banking license of the Moscow-based joint stock company for systematically failing to comply with the anti-money laundering and counterterrorist financing laws and regulations.

The Isle of Man Financial Services Authority issued a £1,008,337 civil money penalty against the Jersey-based financial institution for violating the Anti-Money Laundering and Countering the Financing of Terrorism Code 2015.


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