August 2014 Newsletter – Confidentiality
The Federation of St. Kitts and Nevis ensures that a high level of confidentiality is maintained within its Financial Services Sector through the enactment of various legislation, namely the Confidential Relationships Act, Cap 21.02, the Banking Act Cap 21.01, the Nevis Offshore Banking Ordinance Cap 7.05 and AML/CFT Regulations.
Read MorePhase 2 Peer Review of St. Kitts and Nevis by the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes
The Government of St. Kitts and Nevis is pleased to inform the general public of the release of the Phase 2 Peer Review Report of St. Kitts and Nevis’ exchange of information practices.
Read MorePeer Review Report Phase 2 Implementation of the Standard in Practice
This report summarises the legal and regulatory framework for transparency and exchange of information in St. Kitts and Nevis together with the practical implementation of that framework.
Read MoreJuly 2014 Newsletter – Designated Non-Financial Businesses and Professions (DNFBPs)
In view of increased legislative requirements for financial institutions to develop and implement measures to combat money laundering and terrorist financing, money launderers may look at DNFBPs to try and conceal laundered proceeds and revenues of crimes. Thus, there is potentially, significant risks in the services offered by this sector being misused for money laundering and the financing of terrorism.
Read MoreFATF Advisory – improving global AML/CFATF Compliance 27 June, 2014
As part of its on-going review of compliance with the AML/CFT standards, the FATF has to date identified the following jurisdictions which have strategic AML/CFT deficiencies for which they have developed an action plan with the FATF.
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