Money Laundering Prevention [Back]
Summary
- This act is in line with all regional and industry standards
- It replaces the Money Laundering (Prevention) Act No. 27 of 2003.
- The Act covers a wide range of offences including proceeds from fraud, terrorism, corruption etc
- The act allows for mutual assistance with other States in combating money laundering
- The administration of the Act falls under the Attorney General..
- The Act is to be enforced by the Financial Intelligence Authority to be appointed by the Attorney General..
- The Act regulates the operation of all financial institutions in St. Lucia. The Act includes in the definition Financial Institution, entities that provide international financial services.
- There are provisions that require the ascertainment of the identity of the beneficial owner of any account, and the maintenance of records relating to that persons identity.
- The Act provides for searches of financial institutions and other premises, freezes and even forfeiture of assets where justified.
- The Act requires all financial institutions to develop internal reporting procedures and training to detect possible offences.
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