NAMLOC Celebrates Saint Lucia’s Success In Its Application For Re-rating

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Members of the National Anti-Money Laundering Oversight Committee (NAMLOC) and stakeholders came in for high praise following Saint Lucia’s successful application for re-rating of the Financial Action Task Force (FATF) recommendations for the prevention of Money Laundering and Terrorism Financing.

During the country’s fourth round Mutual Evaluation process, Saint Lucia was rated partially compliant and non-compliant for some of these recommendations. Saint Lucia underwent an enhanced follow-up process due to those inadequacies in relation to the FATF 40 Recommendations.

Juliana Alfred, Permanent Secretary in the Attorney General’s Chambers and Chair of NAMLOC, said:

“I am very happy to report that in December of 2023, Saint Lucia applied for re-rating for 22 recommendations. I think we would have hinted at that before we went. Fortunately, for us, which is an extraordinary feat in itself, Saint Lucia was re-rated for 20 out of these 22 recommendations.”

Rated compliant were 15 recommendations, five were rated largely compliant and two remained partially compliant. The two partially compliant recommendations are recommendations 15 and 38. Recommendation 15 deals with new technologies, and recommendation 38 which deals with mutual legal assistance.

“Overall, I think NAMLOC is very happy with the progress we made. It was quite a bit of pressure. I think people would have remembered the legislation that we had to amend and pass whether it be the Anti-Terrorism or Companies Act or Money Laundering Legislation, and we also introduced virtual assets. So it was quite a lot and of course, we did the National Risk Assessment which gave us a nice overview of Saint Lucia’s Risk profile.”

NAMLOC remains vigilant in monitoring the efforts of agencies to address the outstanding deficiencies as the country prepares for the fifth Round Mutual Evaluation Report.

“Saint Lucia will be assessed for effectiveness going forward. Yes, we have passed all this legislation but CFATF will be looking at how effective we are in terms of the implementation of the legislation. Did we just pass the legislation or are we actually utilizing the legislation? So, the work does not stop. Until and unless you have addressed all of your deficiencies you remain on enhanced follow-up. So it is our responsibility to continue to be as focused in relation to the six remaining, before we get into the fifth round.”

The NAMLOC Chair disclosed that while Saint Lucia works to address the deficiencies in the fourth Round Mutual Evaluation Report, the committee is simultaneously preparing for the fifth round where the Caribbean Financial Action Task Force will be assessing Saint Lucia’s compliance with the 40 recommendations.

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