St. Vincent and the Grenadines

New Documents

St. Vincent and Grenadines FIU Issues Guidance on CDD Requirements

The St. Vincent and the Grenadines’ Financial Intelligence Unit issued a guiding document intended to provide institutions with necessary advice with respect to establishing customer relationships.

November 16, 2021

Saint Vincent and Grenadines FIU Issues Guidance on Formation of AML/CTF Compliance Program

The Financial Intelligence Unit of Saint Vincent and the Grenadines issued an updated guidance for non-regulated service providers’ compliance with anti-money laundering and counterterrorist financing standards.

November 15, 2021

BVI Publishes Revised Multilateral MoU Between 17 Regional Regulatory Authorities

October 3, 2019

OAS Reports on St. Vincent and Grenadines’ AML, Anti-Drug Trafficking Measures

September 4, 2019

Eastern Caribbean Central Bank Publishes 2018-2019 Annual Report

July 3, 2019

News

Caribbean Banks Found Workarounds After Losing Correspondent Accounts

At least nine Caribbean banks that have lost access to U.S. correspondent accounts as a result of the “de-risking” trend now access U.S. dollars indirectly, usually at higher costs, through their ties to U.K. and other overseas financial institutions, sources told ACAMS moneylaundering.com.

August 7, 2018

Enforcement Actions

0 Items Found

Key Documents

St. Vincent and the Grenadines Issues AML Legislation

December 18, 2001

St. Vincent and the Grenadines Criminalizes Terrorist Financing

January 1, 2002

St. Vincent and the Grenadines Publishes Financial Intelligence Unit Act

December 18, 2001

St. Vincent and the Grenadines Releases AML Regulations

January 22, 2002

Important Facts

  • The U.S. State Department identifies St. Vincent and the Grenadines as a major money laundering jurisdiction. The small set of islands remains vulnerable to money laundering and other financial crimes as a result of drug trafficking and its active offshore financial sector. Money laundering is principally related to the production and trafficking of marijuana, as well as the trafficking of other narcotics within the Caribbean region. Money laundering occurs through various financial institutions, such as domestic and offshore banks. Although off-shore businesses do not need a physical presence in the jurisdiction, offshore banks are required to have presence. Another common vehicle for money laundering is through money transmitters and couriers, through airports, ports, or other points of entry.
Source: 2020 International Narcotics Control Strategy Report (INCSR)  

Rankings

FATF i

Technical Effectiveness
Compliant : 8 High :
Largely Compliant : 13 Substantial :
Partially Compliant : 11 Moderate :
Non-Compliant : 17 Low :

BASEL i

Rank : 105/141
Score : 4.48/10

TRANSPARENCY INTERNATIONAL i

Rank : 39/180
Score : 59/100

Tax Justice Network i

Rank : 114/133
Score : 66/100