St. Kitts and Nevis Reaffirms Commitment to Prevent Financing of Weapons of Mass Destruction

Government Passes Anti-Proliferation (Financing of Weapons of Mass Destruction) (Amendment) Bill, 2024

Prime Minister Hon. Dr. Terrance Drew.

Basseterre, St. Kitts – With the passage of the Anti-Proliferation (Financing of Weapons of Mass Destruction) (Amendment) Bill, 2024, in the National Assembly on November 08, the Government of St. Kitts and Nevis has reaffirmed its commitment to prevent the financing of weapons of mass destruction, thereby contributing even further to international peace and security.

Prime Minister Hon. Dr. Terrance Drew.

“This amendment Bill aims to further strengthen our efforts by ensuring we can effectively freeze the assets of those involved in such dangerous activities,” said the mover of the Bill, Prime Minister the Honourable Dr. Terrance Drew.

Key Amendments

The first key amendment broadens the definition of ‘financial institution’ to include a wide range of businesses to ensure that all relevant entities are covered under the law. The second amendment updates the term ‘property’ to funds or other assets, providing a clearer and more comprehensive definition that aligns with international standards.

“These changes are crucial for maintaining compliance with the Financial Action Task Force (FATF) recommendations, keeping St. Kitts and Nevis at the forefront of global efforts against money laundering and terrorist financing,” Dr. Drew said.

Conclusion

The passage of this amendment bill demonstrates St. Kitts and Nevis’ commitment to being a responsible partner in the global effort to prevent the financing of weapons of mass destruction. By enhancing our financial infrastructure, we are ensuring a strong and reputable financial system that supports our Sustainable Island State Agenda.

FAQs

Q: What is the purpose of the Anti-Proliferation (Financing of Weapons of Mass Destruction) (Amendment) Bill, 2024?

A: The bill aims to prevent the financing of weapons of mass destruction and contribute to international peace and security.

Q: What are the key amendments made to the bill?

A: The bill broadens the definition of ‘financial institution’ and updates the term ‘property’ to funds or other assets, providing a clearer and more comprehensive definition that aligns with international standards.

Q: Why is compliance with the Financial Action Task Force (FATF) recommendations important?

A: Compliance with FATF recommendations is crucial for maintaining a strong and reputable financial system, which is essential for St. Kitts and Nevis’ Sustainable Island State Agenda.