St Vincent Close To De-Listing By FATF

Tax-news.com, London

27 June 2002

After a positive report this week from the FATF, the Government of St Vincent and the Grenadines issued the following statement:

'The FATF Report of June 21, 2002 had very good news for St. Vincent and the Grenadines. The FATF reported that St. Vincent had enacted most, if not all of the legislation and regulations to remedy their previously identified deficiencies.

'The Government of St. Vincent and the Grenadines views this step as a great reward for all of its recent efforts to become compliant with international best practices in anti money laundering.

'St. Vincent and the Grenadines intends to move just as rapidly to now become finally de-listed from the FATF list. It will be working closely with the Caribbean Anti Money Laundering Programme to develop an implementation plan that will be satisfactory to the FATF and intends to be in a position to invite the FATF to St. Vincent and the Grenadines for an on-site visit in the very near future.

'The Prime Minister, Dr Ralph Gonsalves, who has spear-headed this effort to ensure that St. Vincent is compliant with international best practices, noted that "We have made exceptional progress. We will continue on our fast track to getting off the FATF black list by moving swiftly to implement all necessary measures in the best interests of our financial services sector." '

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