Basseterre, St. Kitts. September 18, 2024. On September 18, the Parliament of St. Kitts and Nevis passed two significant pieces of legislation—the Companies Bill 2024 and the Non-Government Organizations Bill 2024—aimed at enhancing the country’s compliance with international anti-money laundering (AML) and anti-terrorism financing obligations. These amendments reflect the Federation’s commitment to combating financial crimes and align with its role as a signatory to the Financial Action Task Force (FATF).
Prime Minister and Minister of Finance and National Security, Hon. Dr. Terrance Drew, who introduced both bills in Parliament, emphasized the importance of adhering to FATF recommendations to avoid blacklisting.
“Complying with the FATF recommendations and avoiding blacklisting are crucial for countries for several reasons. Compliance promotes economic stability and growth by way of access to global financial systems and ensures that a country remains integrated with the global financial system facilitating international trade and investment. Compliance also helps to secure foreign investment as investors are more likely to invest in countries with robust anti-money laundering and counter terrorist financing measures as these reduce the risks of financial crimes. Compliance builds the reputation and credibility of a country and its international standing,” the Prime Minister stated.
St. Kitts and Nevis is preparing for a follow-up FATF assessment in 2025, making these legislative changes timely and strategic.
The passage of these bills is part of a broader push by the Labour Party administration, which has tabled and passed at least seven pieces of similar legislation in recent months. This proactive approach ensures that St. Kitts and Nevis remains “on the cutting edge” of AML and anti-terrorist financing measures, bolstering the country’s international credibility and facilitating its participation in global financial systems.
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