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St Kitts and Nevis Hopes To Appease FATF With New Legislation

Lisa Ugur, Tax-news.com, London

04 December 2000


The Caribbean nation of St. Kitts and Nevis was one of the jurisdictions unfortunate enought to find its way onto this year's Financial Action Task Force (FATF) blacklist of countries deemed un-cooperative in the international fight against money laundering. A number of Carribean territories have started to amend their anti-money laundering legislation in the wake of the FATF report, and St. Kitts and Nevis is no exception.


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.

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