SVG made changes to anti money laundering laws

As of July 31, 2017, changes were made to the following pieces of legislation: Proceeds of Crime (Amendment) Act, No. 18 of 2017; Anti-Terrorist Financing and Proliferation (Amendment) Act, No 17. of 2017; Immigration (Restriction) (Amendment) Act, No. 16 of 2017; Anti-Money Laundering and Terrorist Financing (Amendment) Regulations, SRO No. 24 of 2017; Anti-Money Laundering and Terrorist Financing Code, SRO No.25 of 2017.

Currently AML/CFT regulations contain detailed provisions on PEPs and stipulate that service providers are required to apply enhanced due diligence when onboarding PEPs and in continuing an existing relationship with PEPs.

In addition, legal persons are covered under the existing AML/CFT legislation and are captured under the category of service providers. All service providers are required to identify, verify, and keep beneficial ownership information on each client.

The Mutual Assistance in Criminal Matters Act signed between the St. Vincent and the Grenadines government and the United States government on January 8, 1998 is the operative instrument through which records and information can be exchanged with the United States.

 The agreement covers mutual legal assistance in criminal matters, as well as civil and administrative matters related to criminal proceedings.

Section 131 (2) of the Proceeds of Crime Act of 2013 provides protection against criminal or civil liability for service providers (financial institutions and other reporting entities) and their employees who file STRs in good faith. SVG is a member of the CFATF, a FATF-style regional body.

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