In the country's fourth round Mutual Evaluation process, Saint Lucia received ratings of partially compliant and non-compliant for certain recommendations. Due to these deficiencies concerning the FATF 40 Recommendations, Saint Lucia underwent an enhanced follow-up process.
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.”
Out of the recommendations assessed, 15 were rated as compliant, five as largely compliant, and two remained partially compliant. Specifically, Recommendation 15 addresses new technologies, while Recommendation 38 pertains to 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,” she explained.
NAMLOC says it will maintain its vigilance in monitoring the efforts of agencies to address the outstanding deficiencies as the country prepares for the fifth round of Mutual Evaluation Reports.
“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 utilising 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 revealed that while Saint Lucia works to address the deficiencies highlighted in the fourth Round Mutual Evaluation Report, the committee is simultaneously preparing for the fifth round, during which the Caribbean Financial Action Task Force will assess Saint Lucia’s compliance with the 40 recommendations.