The Government of St. Kitts and Nevis has made significant strides in fortifying the nation’s financial system with the passage of two key legislative amendments aimed at enhancing financial governance and compliance with international standards.
The Financial Services Regulatory Commission (Amendment) Bill, 2024, and the Financial Intelligence Unit (Amendment) Bill, 2024, were both approved during the National Assembly session on Friday, 8th November 2024, under the leadership of Minister of Finance, Prime Minister Dr. Terrance Drew.
Strengthening Regulatory Framework and Ensuring International Compliance
Prime Minister Drew outlined the importance of continuously revisiting and updating the country’s financial legislation to ensure it aligns with the evolving standards set by regional and international bodies. The Financial Services Regulatory Commission (FSRC) Act, through its amendments, now streamlines operations by reducing the mandatory meetings of the FSRC from nine to five annually. This change, Dr. Drew explained, will not compromise the work of the FSRC but will instead allow more time for impactful actions, thereby enhancing overall efficiency.
“We are committed to reducing procedural formalities while maintaining the integrity of the regulatory framework. This change will save valuable resources and time, ensuring that we can focus on critical matters that drive the financial system forward,” said Dr. Drew.
Combatting Financial Crimes and Enhancing FIU Capabilities
The Financial Intelligence Unit (FIU) Amendment Bill, 2024, marks a significant step in the nation’s ongoing fight against money laundering, terrorist financing, and other financial crimes. The new provisions expand the FIU’s investigative powers to include not only businesses but also individuals suspected of financial crimes. Additionally, the Bill introduces penalties for non-compliance with FIU requests for information.
Dr. Drew emphasised that these amendments align St. Kitts and Nevis with international standards set by the Financial Action Task Force (FATF), the global body responsible for setting regulations to combat financial crime. He pointed out that the new changes are a direct response to FATF’s recommendations, ensuring that the Federation remains fully compliant ahead of its 2025 assessment.
“These amendments are essential in ensuring that our Financial Intelligence Unit is equipped to meet FATF standards. St. Kitts and Nevis continues to show its commitment to maintaining a strong and transparent financial system, safeguarding the future of our people,” Dr. Drew stated.
A Future-Ready Financial System
Both legislative amendments signal a broader government initiative to safeguard St. Kitts and Nevis’ financial system and ensure its continued growth. By aligning with international best practices, the amendments reflect the administration’s dedication to maintaining the Federation’s reputation as a secure and reliable financial jurisdiction.
Prime Minister Drew concluded by reaffirming the government’s commitment to a robust, resilient financial system that benefits all citizens of St. Kitts and Nevis.
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