In response to the global call to control the detriments brought about by money laundering (ML) and the financing of terrorism (FT), the Federation of St. Christopher (St. Kitts)-Nevis is ever working towards achieving an environment hostile to money launderers and terrorism financiers.
The robust Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) regime in our jurisdiction, requires the businesses engaged in financial services to file Suspicious Transaction Reports (STRs) and Terrorist Property Reports (TPRs) with the St. Christopher (St. Kitts)-Nevis Financial Intelligence Unit (FIU), among other things.
Being an “Administrative Model” FIU, established under the Financial Intelligence Unit Act Cap 21.09 as amended, it is our responsibility to receive and analyze suspicious transaction reports related to money laundering and terrorist financing; receive terrorist property reports; and disseminate information gathered to relevant authorities for necessary action.
Our unit is also involved in the tracing of illicit funds, and thus represents the element linking the various administrative, supervisory, law enforcement and judicial authorities charged with identifying and tracing money laundering and terrorist financing capital flows.
The phenomena of money laundering and terrorist financing are borderless. Collaboration and cooperation; and prompt action are key to fighting these scourges that have the potential to reek havoc within our financial system. Developing strong partnerships on the domestic and international levels such as with our local and foreign law enforcement and prosecutorial agencies; and other FIUs is a must.
We need to ensure that all suspicious activities encountered or detected; and identified terrorist’s property are submitted to the FIU. Why? Because it’s the law. But more importantly, the information contained in these reports has the potential to provide a secure environment that is an essential requirement for economic growth and people’s well-being.
THANKS for the REPORT!!