The Collateral Registry of Saint Lucia, officially launched on November 29, 2023, is an electronic database where lenders can register security interests or charges against movable property (such as vehicles, equipment, inventory, or accounts receivable) offered as collateral by borrowers. The primary purpose of the collateral registry is to facilitate access to credit by enabling borrowers, especially small businesses and individuals, to use their movable assets as collateral for loans.
Saint Lucia has taken another step forward in disaster resilience and climate change adaptation, thanks to an innovative training program on Earth observation and remote sensing technologies. The initiative, funded by the World Bank’s Digital Earth for Resilient Caribbean Project, brought together representatives from government agencies, utility companies, and other key stakeholders.
The National Competitiveness and Productivity Council (NCPC) continues to champion the integration of AI-driven solutions within the Public Sector to enhance productivity. By automating processes, unlocking valuable insights, and streamlining tasks, these technologies enable organizations to achieve more—better, faster, and with greater precision.
Following the recent passage of Saint Lucia’s Co-operative Societies Act, No. 16 of 2024 (New Coop Act), a proposed commencement date of January 1, 2025, has been set to coincide with the financial year of cooperatives. To support the effective implementation of the new act, draft regulations have been introduced for final consultation with sector representatives. Sancha Gervais-Victor, Manager of the International Sector and Non-Banked Financial Institutions at the Financial Services Regulatory Authority (FSRA), emphasized that the cooperative sector requires a stronger regulatory framework to keep pace with the evolving financial landscape.
The National Anti-Money Laundering Oversight Committee (NAMLOC) recently conducted a crucial Anti-Terrorism Training and Sensitization session aimed at deepening members’ understanding of the United Nations Security Council Resolutions and the Financial Action Task Force’s Recommendation #6. This recommendation mandates the identification and freezing of assets associated with terrorism and its financing. Juliana Alfred, Permanent Secretary in the Attorney General’s Chambers and Chair of NAMLOC, emphasized that this training is a critical step as Saint Lucia prepares for its Fifth Round Mutual Evaluation. She added that Recommendation #6 is one of seven areas for which Saint Lucia has requested re-rating, underscoring the government’s commitment to strengthening its compliance and effectiveness in counter-terrorism financing.
The Government of Saint Lucia, on Monday, 16th October 2024, presented the Insolvency Bill for debate in the House of Assembly. The Bill, which was introduced by Attorney General, Leslie Mondesir, was taken through all its stages at this sitting. Insolvency occurs when an individual or company can no longer meet their debt obligations. For a business, this means that its liabilities exceed the value of its assets and income. The Attorney General expounded on the merits of the bill.
Mathurin highlighted several significant enhancements in this census report, including the addition of an infographics section, improved disaggregation of tables, enhanced analytical analysis of key findings, and the inclusion of several CARICOM-recommended tables. He emphasized that the goal is to make the report available to the public as soon as possible.