SVG Named Among Major Money Laundering Countries

St Vincent and the Grenadines have been named among a list of 21 Caribbean countries that are among a wider global list of Major Money Laundering states of 2016.

The US State Department this week released the countries in its 2017 International Narcotics Control Strategy Report on Money Laundering and Financial Crimes.

The report says St. Vincent and the Grenadines remains vulnerable to money laundering and other financial crimes as a result of drug trafficking and its offshore financial sector.

 “The set of islands remains a small but active offshore financial centre with a relatively large number of IBCs.  United States currency is often smuggled into the country via couriers, go-fast vessels, and yachts,”.

The State Department report said that money-laundering on the island is principally affiliated with the production and trafficking of marijuana in SVG, as well as the trafficking of other narcotics from within the Caribbean region.

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