Government of St. Kitts and Nevis Passes Key Bills to Strengthen Financial System

Basseterre, St. Kitts –

The Government of St. Kitts and Nevis passed two key Bills during the Friday, November 08, 2024, sitting of the National Assembly, as part of its ongoing efforts to strengthen and enhance the integrity of the Federation’s financial system.

Financial Services Regulatory Commission (Amendment) Bill, 2024

The two Bills, the Financial Services Regulatory Commission (Amendment) Bill, 2024, and the Financial Intelligence Unit (Amendment) Bill, 2024, were moved through the House of Assembly by Prime Minister and Minister of Finance, the Honourable Dr. Terrance Drew.

The core purpose of the amendments to the Financial Services Regulatory Commission Act is to reduce the mandatory meetings of the Financial Services Regulatory Commission (FSRC) from nine to five meetings per year.

“This of course, will not compromise in any way the critical work of the FSRC but rather it would save time which can be dedicated to other matters and it would also save resources, and so what we are seeking here is to be as efficient as possible. By streamlining our processes, we can focus more on impactful actions and less on procedural formalities,” Prime Minister Dr. Drew said, while emphasizing his government’s commitment to efficiency and excellence.

Financial Intelligence Unit (Amendment) Bill, 2024

The Financial Intelligence Unit (Amendment) Bill, 2024, according to Prime Minister Dr. Drew, is crucial to the Federation’s fight against financial crimes and terrorism in keeping with regional and international standards.

The amendment aims to expand the Financial Intelligence Unit’s (FIU) investigative powers to include not just businesses but also individuals suspected of financial crimes, and to introduce penalties for those who fail to comply with FIU’s request for information.

Dr. Drew said the changes to the Financial Intelligence Unit Act on November 08 was the government’s 10th amendment of 2024 to ensure St. Kitts and Nevis meets international standards set by the Financial Action Task Force (FATF)—the policy-making body that sets standards and promotes effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.

“Madame Speaker, St. Kitts and Nevis is committed to maintaining compliance with FATF standards. This Bill is a step towards ensuring our Financial Intelligence Unit is fully equipped to meet these standards ahead of our assessment in early 2025,” the prime minister said.

Conclusion

Prime Minister Dr. Drew assured that his administration remains steadfast in its commitment to ensuring that the Federation’s financial system remains robust for the future benefit of the people of St. Kitts and Nevis.

FAQs

Q: What are the two key Bills passed by the Government of St. Kitts and Nevis?

A: The Financial Services Regulatory Commission (Amendment) Bill, 2024, and the Financial Intelligence Unit (Amendment) Bill, 2024.

Q: What is the purpose of the Financial Services Regulatory Commission (Amendment) Bill, 2024?

A: To reduce the mandatory meetings of the Financial Services Regulatory Commission (FSRC) from nine to five meetings per year, to save time and resources and focus on impactful actions.

Q: What is the purpose of the Financial Intelligence Unit (Amendment) Bill, 2024?

A: To expand the Financial Intelligence Unit’s (FIU) investigative powers to include not just businesses but also individuals suspected of financial crimes, and to introduce penalties for those who fail to comply with FIU’s request for information.

Q: Why is the Financial Intelligence Unit (Amendment) Bill, 2024, important?

A: It is crucial to the Federation’s fight against financial crimes and terrorism in keeping with regional and international standards, and to ensure compliance with FATF standards ahead of the assessment in early 2025.