The International Monetary Fund (IMF) has praised efforts made by the government of St Kitts and Nevis to strengthen the country’s anti-money laundering and anti-terrorist financing regime.
The IMF team, which visited St. Kitts and Nevis in April commended the Government of National Unity.
“The authorities have further improved compliance with international AML/CFT [anti-money laundering/combating the financing of terrorism] standards and exchange of information,” s release from the fund stated.
The Government issued a statement in response to what it describes as ‘erroneous statements’ about St. Kitts and Nevis contained in the U.S. Department of State’s 2017 International Narcotics Control Strategy Report, Volume II: Money Laundering and Financial Crimes.
“St. Kitts and Nevis’ commendable progress in implementing the recommendations of the Financial Action Task Force (FATF) precipitated the country’s removal from thelist of jurisdictions with strategic deficiencies in their AML/CFT regimes. Additionally, the Organisation for Economic Co-operation and Development’s (OECD) Global Forum on Transparency and Exchange of Information for Tax Purposes completed a Phase 2 Peer Review Assessment of St. Kitts and Nevis, rating it as “Largely Compliant” along with approximately 80 other countries, including the United Kingdom and the United States of America,” the government release stated.
The IMF praised St. Kitts and Nevis’ efforts to stem financial crimes.
“They [the St. Kitts-Nevis authorities] have strengthened the due-diligence process [of the Citizenship by Investment program] with dedicated resources and global collaboration, as this is essential to reduce integrity and security risks, preserve the program’s credibility, and avoid a race-to-the-bottom. The mission thanks the authorities and technical staff for the warm welcome, constructive discussions, and positive spirit of cooperation,” the fund stated.
