St. Vincent and the Grenadines

New Documents

The British Virgin Islands’ Financial Services Commission published the revised Multilateral Memorandum of Understanding Among The Regional Regulatory Authorities, which is a cooperation agreement between the regulators of 17 countries in the region on the exchange of information.

The Organization of American States published its seventh Multilateral Evaluation Mechanism report on Saint Vincent and the Grenadines’ implementation of the recommendations of the Inter-American Drug Abuse Control Commission Hemispheric Plan of Action on Drugs 2016-2020.

News

Enforcement Actions

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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 : 90/125
Score : 4.69/10

TRANSPARENCY INTERNATIONAL i

Rank : 39/180
Score : 59/100

Tax Justice Network i

Rank : 114/133
Score : 66/100