Castries, Saint Lucia – In a decisive move to bolster its financial security, Saint Lucia has announced plans to conduct a National Risk Assessment (NRA) in 2025. This initiative aims to scrutinize and enhance the nation’s frameworks for Anti-Money Laundering (AML), Counter-Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF). The assessment will provide a detailed evaluation of the current financial landscape and measure the progress achieved since the previous review.
Concurrently, the National Anti-Money Laundering Oversight Committee (NAMLOC) is gearing up for the Caribbean Financial Action Task Force (CFATF) 5th Round Mutual Evaluations. This process will critically assess the effectiveness of Saint Lucia’s financial regulations and their implementation.
Juliana Alfred, Chair of NAMLOC, emphasized the importance of these efforts, stating, “We have been engaging with stakeholders to assess the current status of various agencies. Our goal is to identify existing deficiencies and collaborate on actionable plans to address them.”
A significant component of the upcoming NRA is the introduction of a proliferation financing risk assessment, aligning with the latest recommendations from the Financial Action Task Force (FATF). This addition underscores a heightened focus on legal entities, beneficial ownership transparency, and the regulation of non-profit organizations.
Preparatory activities for the NRA are already underway, with NAMLOC initiating a comprehensive review of the National AML/CFT/CPF Action Plan. This includes consultations with public-sector stakeholders to evaluate progress on previously identified deficiencies and to raise awareness about the forthcoming assessment.
The outcomes of the NRA will culminate in the development of sector-specific risk profiles. These profiles will serve as strategic guides for NAMLOC as it advances toward the 5th Round Mutual Evaluation, with a pronounced emphasis on the practical application and effectiveness of established regulations.
As Saint Lucia embarks on this rigorous evaluation process, NAMLOC remains steadfast in its commitment to fortify the nation’s financial systems against illicit activities, ensuring robust compliance with evolving international standards.