Published 18 September 2024
St Kitts, Basseterre,
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ST. KITTS AND NEVIS PASSES TWO SIGNIFICANT PIECES OF LEGISLATION THAT FURTHER STRENGTHENS ITS INTERNATIONAL COMPLIANCE
BASSETERRE, St. Kitts, September 18, 2024 (SKNIS) – On Wednesday, September 18, 2024, the St. Kitts and Nevis National Assembly passed two important pieces of legislation: the Companies (Amendment) Bill, 2024, and the Non-Government Organisations (Amendment) Bill, 2024. These bills enhance compliance with international obligations regarding anti-money laundering and anti-terrorism financing, aligning the Federation’s legislative framework more closely with global best practices.
The amendments made to both the Companies Act Cap. 21.03 and the Non-Government Organisations Act Chapter 20.5.9 were moved through the Honourable House by Prime Minister and Minister of Finance, the Honourable Dr. Terrance Drew.
He stated that these legislative amendments underscore the Government of St. Kitts and Nevis’s commitment to being a responsible member of the international community, particularly as it relates to the Financial Action Task Force (FATF). The FATF is the policy-making body that sets standards and promotes effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.
“Complying with the FATF recommendations and avoiding blacklisting are crucial for countries for several reasons. Compliance promotes economic stability and growth by way of access to global financial systems and ensures that a country remains integrated with the global financial system facilitating international trade and investment. Compliance also helps to secure foreign investment as investors are more likely to invest in countries with robust anti-money laundering and counter terrorist financing measures as these reduce the risks of financial crimes. Compliance builds the reputation and credibility of a country and its international standing,” Dr. Drew explained, while giving the assurance that the Federation is generally compliant with FATF standards.
Finance Minister Dr. Drew said the amendments passed on September 18 represent the seventh such time amendments of this nature were tabled and passed in the National Assembly in the past few months to ensure that St. Kitts and Nevis is compliant with FATF international anti-money laundering and anti-terrorist standards.
“This is to keep St. Kitts and Nevis on the cutting edge of anti-money laundering and anti-terrorist financing compliance. Madam Speaker, these are critically important to make sure that St. Kitts and Nevis is seen in the best light so that we can benefit from such a good reputation,” Prime Minister Dr. Drew added.
St. Kitts and Nevis will undergo a follow-up FATF assessment in 2025.
