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. During the country’s 4th Round Mutual Evaluation process Saint Lucia was rated partially compliant and non-compliant for some of these recommendations. Juliana Alfred is the Permanent Secretary in the Attorney General’s Chambers and Chair of NAMLOC.
“I am very happy to report that in December of 2023, Saint Lucia applied for re-rating for twenty-two 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 twenty out of these twenty-two recommendations.”
15 recommendations were rated compliant, 5 were rated largely compliant and 2 remained partially compliant. The 2 partially compliant recommendations are recommendation 15 which deals with new technologies, and recommendation 38 which deals with mutual legal assistance.
“But 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 would have 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 5th 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 would remain on enhanced follow-up. So it is our responsibility to continue to be as focused in relation to the six remaining that we have to deal with before we get into the 5th round.”
The NAMLOC Chair disclosed that while Saint Lucia works to address the deficiencies in the 4th Round Mutual Evaluation Report the committee is simultaneously preparing for the 5th round where the Caribbean Financial Action Task Force will be assessing Saint Lucia’s compliance with the 40 recommendations.