Offshore Investments

St. Kitts – Nevis To Make Money Laundering An Extraditable Offence

St. Kitts - Nevis - National Assembly

St. Kitts – Nevis Govt. Review Money Laundering Law
Photo By Erasmus Williams

Basseterre, Saint Kitts – Nevis
July 29, 2008 (CUOPM)

Lawmakers in St. Kitts and Nevis are expected to approve a minor amendment to the Proceeds of Crime Act making money laundering an extraditable offence.

Prime Minister and Minister of Finance, Hon. Dr. Denzil L. Douglas will seek legislative approval on Thursday to ensure that St. Kitts and Nevis is not a safe haven for persons who perpetuate offences of this type.

The Proceeds of Crime (Amendment) No. 3 Bill, 2008 is one of two bills in the name of the Minister of Finance.

The other is the Money Services Business Bill, 2008, which was given its first reading on June 18th.

It seeks to make provisionsfor the licensing and regulation of the business of the transmission of money or monetary value in any form. Cheque cashing, currency exchange and the issuance, sale or redemption of money orders or traveller’s cheques as well as the business of operating as an agent or franchise holder of any of these businesses.

Acing Minister of National Security, Immigration and Labour, Dr. the Hon. Earl Asim Martin will seek to amend the Anti-terrorism Act by providing a definition for the term “forfeited property.”

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St. Kitts – Nevis Financial Service Sector Reviewed

Money Laundering Is A Global Problem

Money Laundering Is A Global Problem

Basseterre, Saint Kitts – Nevis
July 23, 2008 (CUOPM)

The Federal Government in St. Kitts and Nevis continues to take measures to prevent the twin-island Federation being used for money laundering activities and the financing of terrorist activities around the world.

“Any deficiencies that we detect as we prepare ourselves for the upcoming assessment by the Caribbean Financial Action Task Force “CFATF” in September, 2008, my government will take measures to correct them and ensure that the Federation’s legal, law enforcement and regulatory regimes are in compliance with international standards,” said Prime Minister and Minister of Finance, Hon. Dr. Denzil L. Douglas.

“We have been to Parliament on several occasions to improve existing legislation so that we can seriously make a contribution in the proper regulation of our financial services sector and prevent the use of our jurisdiction in the committal of white-collar crimes,” said Prime Minister Douglas.

In preparation for the assessment, four task force members – two legal experts, one law enforcement and a financial expert have been trained to be mutual evaluation examiners by the Caribbean Financial Action Task Force.

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