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Nevis: Double Tax Treaties

Anti-Money Laundering Measures

In response to international pressure, including the campaigns of the OECD and the FATF, St. Kitts and Nevis has also introduced a number of measures to upgrade its anti-money laundering legislation: The Anti-Money Laundering (Amendment) Regulations SR&O 36 of 2001 amend section 4 of the existing Anti Money Laundering Regulations. The original section 4 provided blanket exemptions for the “Know Your Customer” requirements to persons operating in FATF or CFATF member countries that were listed in the Guidance Notes. However, the new section 4 tightens up this provision considerably.

The Nevis Business Corporation (Amendment) Ordinance, 2001 (No. 3 of 2001) seeks to immobilize bearer shares in Nevis and provide for bearer shares to be kept in the custody of a registered agent on the island of Nevis.

The Companies (Amendment) Act, 2001 (No. 14 of 2001) immobilizes bearer certificates issued by Companies under the Companies Act of St. Kitts, 1996.

The Nevis Offshore Banking (Amendment) Ordinance, 2001 provides for beneficial owners or shareholders of companies involved in offshore banking in Nevis being properly identified. It also makes provision for only “fit and proper” persons having any interest greater than 5% in any Offshore Banking entities in Nevis.

Other recent legislation includes the Money Laundering (Prevention) Act 2000, the Financial Services Intelligence Unit Act 2000, and the Financial Services Commission Act 2000. The latter piece of legislation established the Financial Services Commission as the main regulatory body for the offshore sector in both St. Kitts and Nevis.

In 2008, the government announced further steps would be taken to strengthen the jurisdiction's anti-money laundering regime, and in June, the National Assembly began to consider a number of new bills in this area, including the Payment Systems Bill, the Bills of Exchange (Amendment) Bill, the Financial Services Commission (Amendment) Bill and the Financial Intelligence Unit (Amendment) Bill. Minister of National Security, Dwyer Astaphan introduced the Anti-Terrorism (Amendment) Bill at the same sitting of the National Assembly.

 

 

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