Nevis is committed to a sound Anti-Money Laundering (AML) and a Combating the Financing of Terrorism (CFT) regime that adheres to international standards. The jurisdiction has a robust regulatory framework for AML/CFT which includes an emphasis on customer due diligence also. The Financial Services Regulatory Commission (FSRC) is the ultimate regulatory body for financial services and AML/CFT for St. Kitts and Nevis, this body implemented a Risk-Based Supervision (RBS) Framework in May 2015, which has since been lauded. The IMF, through the Caribbean Regional Technical Assistance Centre (CARTAC), was instrumental in providing appropriate training and expertise to help develop this RBS Framework. The FSRC is also heavily involved in education and training and hosted it’s latest well attended AML/CFT seminar and training workshop in May 2018 with a focus on ‘Improving Transparency and Accountability’. Another AML/CFT seminar is scheduled March 11th-12th in the Four Seasons Resort Nevis, this year’s theme is ‘Conquering the Compliance Divide: Effective vs. Defective – Bridging the Gap in Today’s Regulatory Environment’. Click for more info
The law enforcement agencies of St. Kitts and Nevis also continues to assist several jurisdictions with international requests to aid AML/CFT investigations. Also noteworthy is St. Kitts and Nevis’ worthy progress in implementing the recommendations of the Financial Action Task Force (FATF).
St Kitts and Nevis now has a rating of “Largely Compliant”. This rating is provided by the Organisation for Economic Co-operation and Development (OECD) Global Forum on Transparency and Exchange of Information for Tax Purposes, Peer Review Report on the Exchange of Information on Request SAINT KITTS AND NEVIS 2018 (Second Round). This is a review of SKN’s legislative, administrative and regulatory regimes as they relate to the effective implementation of measures to comply with the international standard of transparency and exchange of information.
The Government of St. Kitts and Nevis continues to work diligently to show its commitment to high standards as a responsible member of the global financial system. For more information please contact us.