SAINT Lucia will conduct a National Risk Assessment (NRA) in 2025 to evaluate its Anti-Money Laundering, Counter-Financing of Terrorism, and Counter-Proliferation Financing (AML/CFT/CPF) frameworks.
This assessment, alongside preparations for the Caribbean Financial Action Task Force (CFATF) 5th Round Mutual Evaluations, will assess the country’s progress in addressing deficiencies and implementing financial regulations. A key focus includes a new proliferation financing risk assessment and greater scrutiny of legal entities, beneficial ownership, and the nonprofit sector. The findings will guide ongoing efforts to strengthen compliance and financial security.
“We have been meeting with stakeholders just to get a sense of where the agencies are because we had ensured that agencies were aware of their deficiencies. We worked with them to develop action plans. And so we want to know, what is their progress,” said Juliana Alfred, Chairperson of the National Anti-Money Laundering Oversight Committee (NAMLOC).
At the conclusion of the NRA, a sector-specific risk profile will be developed to guide NAMLOC in advancing the 5th Round Mutual Evaluation, with a focus on effectiveness.
“Yes, Saint Lucia passed a lot of laws over the last few years in relation to NAMLOC. But how effective is the country in terms of our implementation mechanisms? What systems have we put in place after having passed the laws to ensure that we have addressed the deficiencies that were found in the 4th Round and so we are also doing that simultaneously. Because the period for assessment for the 5th Round is actually going to be between 2023 to 2028,” Alfred said.
The NRA will introduce a proliferation financing risk assessment, aligning with the updated Financial Action Task Force (FATF) Recommendation #1.
“There is a greater focus now on legal persons and legal arrangements and also beneficial ownership. There is a big interest now by the assessors in beneficial ownership information and that being available. There is also a greater focus this time around in terms of our Non-Profit Organisation (NPO) sector and the arrangements that are in place to monitor and regulate that sector. So, the work continues for NAMLOC and it’s pretty intensive.”
NAMLOC remains committed to ensuring Saint Lucia’s compliance with evolving financial regulations. Faith-Based and Non-Profit Organisations will face increased scrutiny to identify and address gaps in the National Risk Assessment.