The assessment provides an evidence-based look at the country’s exposure to money laundering, terrorist financing and proliferation financing risks, while identifying vulnerabilities that require further action.
“The report will highlight, of course, the risks that we face currently, the vulnerabilities that we have to address, and the opportunities that exist for us to build stronger safeguards. By us identifying our challenges, it allows us now to be able to make decisive decisions, set effective action plans, which will be guided on the basis of the evidence that we have collected.”
Permanent Secretary in the Attorney General’s Chambers and Chair of NAMLOC, Juliana Alfred, further highlighted that the report represents the culmination of extensive work involving government agencies, private-sector stakeholders and NAMLOC’s subcommittees.
The findings, she said, should not simply remain in a report, but must be used as a tool for action as Saint Lucia prepares for its next major evaluation.
“We want you to embrace this report as a tool. A tool for action. A tool that will allow us to prepare as we get ready for the fifth round, 2027– 2028. It provides us an opportunity to work on the deficiencies that we have highlighted in the report, and to build on the work as well that the country has undertaken over the last few years.”
The National Risk Assessment follows previous efforts by NAMLOC to strengthen Saint Lucia’s anti-money laundering and counter-financing framework. Saint Lucia has also conducted targeted exercises, including a trade-based money laundering risk assessment workshop, as part of efforts to better understand and mitigate emerging financial crime risks.
Attorney General Leslie Mondesir noted that the latest assessment must provide a credible and accurate picture of the country’s risk environment.
“Our objective is not to secure the most favorable ratings, but to ensure that the conclusions are accurate, evidence-based, and truly reflective of our risk environment. Where the evidence supports a conclusion, it must be clearly articulated. Where gaps, inconsistencies, or uncertainties exist, they must be identified and addressed.”
He added that the assessment is therefore expected to guide policy decisions, help agencies prioritize resources and strengthen national measures to protect the integrity of the financial system.
“The credibility of the final report will depend on the quality of the contributions made by the agencies and sectors represented here today. This exercise is particularly significant as we prepare for Saint Lucia’s fifth round mutual evaluation. The FATF methodology emphasizes not only the existence of laws and institutional frameworks, but also the country’s ability to understand its risks and demonstrate that those risks are being effectively mitigated.”
The success of Saint Lucia’s anti-money laundering framework depends on the continued collaboration of government agencies, regulators, law enforcement and the private sector to strengthen identified areas, develop action plans and address outstanding deficiencies ahead of the 2027–2028 evaluation period.
As Saint Lucia continues its preparations, NAMLOC is emphasizing that the country’s resilience against financial crime will depend not only on the laws and policies in place, but on the effectiveness of their implementation.