The island of Nevis was the setting for a two day conference on issues relating to money laundering, it was revealed recently. The two day seminar, which opened on Monday, and attracted over 60 representatives from the offices of financial service providers, lawyers, banks, and money transfer agencies, was intended to 'sensitise service providers to the new anti-money laundering regime which is being developed in Nevis,' in order to create an anti-money laundering culture, according to Emil Gordon, the acting regulator with the Nevis Financial Services Department of the Ministry of Finance and Development.
The Federation of St. Kitts and Nevis is working to have its name removed from the Financial Action Task Force (FATF) blacklist, and has introduced several new pieces of legislation to that end, including the Proceeds of Crime Act, the Financial Intelligence Unit Act, and the Financial Services Commission Act. 'The Proceeds of Crime Act,' explains Mr Gordon, 'deals specifically with money laundering, while the Financial Intelligence Unit Act is basically a greater investigative body which will receive the suspicious transaction reports. The Financial Services Commission Act establishes the Financial Services Commission, which will be the ultimate regulatory body in the Federation, and will be based in Nevis.'
Speakers at the conference included Calvin Wilson, the executive of CFATF ( the Caribbean arm of the FATF) , and Brian Reynolds of the Trinidad based Caribbean Anti-Money Laundering Programme. The Federation's Premier and Finance and Development minister, the Hon. Vance Amory, gave the feature address during the opening ceremony.
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