Last week St. Kitts and Nevis' parliament passed legislation to strengthen the Caribbean nation's anti-money laundering laws in the hope that the FATF will look upon the jurisdiction favourably when it comes to assessing early next year which nations should be removed from its list.

The new laws set up a financial intelligence unit to investigate allegations of money laundering and allow regulators to freeze questionable bank accounts for up to five days. In addition, the Proceeds Of Crime Law establishes guidelines for reporting and seizing suspects' and convicts' money and property. Another bill passed last week establishes the Financial Services Commission as the regulatory body over the country's financial sector.

St. Kitts and Nevis officials will meet next month with the Paris-based FATF in order to get an update on the country's standing following the introduction of the new legislation.