The government of St. Kitts and Nevis continues to make meaningful changes to the Federation’s legislative framework, bringing it even more in line with best international practices that speak to the ongoing efforts in combating illicit actions such as money laundering and terrorist financing.
This was further evidenced during the sitting of the National Assembly on Friday, July 05, 2024, when the Foundations (Amendment) Bill 2024, and the Limited Partnerships (Amendment) Bill 2024, were debated and passed.
Both pieces of legislation were championed by Prime Minister the Honourable Dr. Terrance Drew, who indicated that the amendments made are critically important in demonstrating to international regulatory organisations, like the Financial Action Task Force (FATF), St. Kitts and Nevis’ commitment to upholding global peace.
The Financial Action Task Force (FATF) is the policy-making body that sets standards and promotes effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system. It defines “virtual asset” as a digital representation of value that can be digitally traded, or transferred, and can be used for payment or investment purposes.
Prime Minister Drew stated, “St. Kitts and Nevis is proud to be generally compliant with FATF standards and has a follow-up assessment in November, 2024. Therefore, this Bill seeks to bring the Act into compliance with the most recent FATF standards ahead of that compliance assessment. But even beyond that assessment Madam Speaker, St. Kitts and Nevis always wants to be on the side of making sure that we help to stop these international persons who are involved in money laundering and terrorist funding.”
The prime minister noted further that the two bills will effectively ensure that the jurisdiction of St. Kitts and Nevis is not misused and abused by those with nefarious intent.
“We have to make sure that we maintain our own standards as well so that persons would not think that what they cannot get away with in another jurisdiction, they can get away with in our jurisdiction,” Dr. Drew stressed, while reinforcing that the bills will also help St. Kitts and Nevis meets the requirements for transparency concerning the governance of legal persons, legal arrangements, which encompasses foundations and limited partnerships.
Both Bills received their first readings during the June 14 Sitting of the National Assembly.
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