The Bill provides for the various amendments to facilitate the comprehensive implementation of measures to boost national security, strengthen investigative techniques and to foster greater coherence within the financial services sector on keeping with the requirement of the Financial Action Task Force and for related matters.
Mover of the Bill, Prime Minister and Minister of Finance, Dr. the Honourable Timothy Harris, said that the Bill is of significant importance, not just to St. Kitts and Nevis, but the wider region.
“We can consider this an ominous Bill and it provides for a number of amendments deemed necessary to conform with the FATF principles, thereby protecting our jurisdiction from exploitation by characters and maintaining our standard as a responsible member of the international community,” said Prime Minister Harris…
Mr. Speaker, we come before this Honourable House with a renewed commitment to monitor and ensure the soundness of the financial integrity of our jurisdiction, not just within the scope of our borders, but indeed we do so with a clear understanding of our role within the international community.”
Attorney-General and Minister of Justice and Legal Affairs, the Honourable Vincent Byron Jr., outlined the intents of the Financial Action Task Force (FATF).
“The objectives of the FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combatting money laundering, terrorist financing and other related threats to the integrity of the international financial system,” said Minister Byron, adding that “all of the amendments form part of a coherent approach that we are dutifully bound to pursue.”
Also passed in the Honourable House was the Anti-Proliferation (Financing of Weapons of Mass Destruction) Bill, 2020, a Bill to prevent, disrupt and criminalize the financing of the proliferation of weapons of mass destruction.