This act is in line with all regional and industry standards
It was passed into law in advance of the other International Financial Services Legislation.
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 Financial Intelligence Authority (FIA).
The Act is to be enforced by the Financial Intelligence Authority (FIA).
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.