St. Kitts and Nevis Passes Two Important Pieces of Legislation to Enhance Anti-Money Laundering and Anti-Terrorist Financing Compliance
Basseterre, St. Kitts – On Wednesday, September 18, 2024, the St. Kitts and Nevis National Assembly passed two important pieces of legislation: the Companies (Amendment) Bill, 2024, and the Non-Government Organisations (Amendment) Bill, 2024.
Prime Minister Hon. Dr. Terrance Drew.
The amendments made to both the Companies Act Cap. 21.03 and the Non-Government Organisations Act Chapter 20.5.9 were moved through the Honourable House by Prime Minister and Minister of Finance, the Honourable Dr. Terrance Drew.
Amendments Enhance International Obligations
These bills enhance compliance with international obligations regarding anti-money laundering and anti-terrorism financing, aligning the Federation’s legislative framework more closely with global best practices.
Prime Minister Hon. Dr. Terrance Drew.
“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,” Dr. Drew explained, while giving the assurance that the Federation is generally compliant with FATF standards.
Follow-up FATF Assessment in 2025
St. Kitts and Nevis will undergo a follow-up FATF assessment in 2025.
Conclusion
The passage of these two bills demonstrates the Government of St. Kitts and Nevis’s commitment to being a responsible member of the international community, particularly in regards to anti-money laundering and anti-terrorism financing. These amendments will help ensure that the Federation remains on the cutting edge of compliance and maintains its reputation and credibility.
Frequently Asked Questions
* What were the two bills passed by the St. Kitts and Nevis National Assembly?
+ The Companies (Amendment) Bill, 2024, and the Non-Government Organisations (Amendment) Bill, 2024.
* What were the amendments aimed at achieving?
+ Enhancing compliance with international obligations regarding anti-money laundering and anti-terrorism financing.
* What is the significance of FATF compliance?
+ Compliance promotes economic stability and growth, secures foreign investment, and builds the reputation and credibility of a country.