Money Laundering Prevention
Summary
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This act is in line
with all regional and industry standards |
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It was passed into
law in advance of the other International Financial Services Legislation.
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The Act covers a
wide range of offences including proceeds from fraud, terrorism, corruption etc
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The act allows for
mutual assistance with other States in combating money laundering |
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The administration
of the Act falls under the Minister of Legal Affairs. |
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The Act is to be
enforced by the Money Laundering Authority to be appointed by the Minister of
Legal Affairs. |
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The Act regulates
the operation of all financial institutions in St. Lucia. The Act includes in
the definition Financial Institution, entities that provide international
financial services. |
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There are provisions
that require the ascertainment of the identity of the beneficial owner of any
account, and the maintenance of records relating to that persons identity.
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The act provides for
searches of financial institutions and other premises, freezes and even
forfeiture of assets where justified. |
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The act requires all financial institutions to develop internal reporting procedures and training to detect possible offences. |