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St Kitts Seeking Stronger AML Safeguards

by Jason Gorringe, Lowtax.net, London
26 October, 2015

Timothy Harris, the Prime Minister of Saint Kitts and Nevis, has called for regulatory reform that will provide a "robust and comprehensive" framework for the country's financial sector.

In a speech to a recent anti-money laundering seminar, Harris financial sector stakeholders were called upon to review their processes and develop risk assessment models. They were urged to "maintain adequate due diligence information to identify [their] clients, beneficial owners of accounts, and entities registered in our Federation... to challenge the unjustified and unsubstantiated 'black listings,' such as the ones recently imposed by European Union member countries..."

Harris said his Government is "committed to providing the necessary support to ensure that our Federation has the required mechanisms for Anti-Money Laundering and Counter Financing of Terrorism." To achieve this, the Financial Services Regulatory Commission has increased the number of on-site examinations and will now be involved in the due diligence procedures for applicants for the Citizenship by Investment Program.


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