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2023 Laws not yet authenticated through a Commencement Order

Revised Laws of Saint Lucia (2023)

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1. Citation and commencement

These Regulations may be cited as the Money Laundering (Prevention) (Guidance Notes) (Revocation) Regulations.

2. Revocation

The Money Laundering (Prevention) (Guidance Notes) Regulations are revoked.

1. Citation and commencement

2. Interpretation

3. Jurisdiction to try offences under this Act

4. Continuation of Authority

5. Functions of the Authority

6. Powers of the Authority

6A. Power to issue directions

6B. Penalty for failure to comply with direction

7. Additional functions

7B. Director of the Authority

8. Investigation

9. Revenue of Authority

10. Expenses of Authority

11. Financial year

12. Annual Report

13. Annual Budget

14. Accounts and audit

14B. Central Bank responsible for supervision of a licensed financial institution

14C. Inspection of a licensed financial institution by the authority

14D. Issue of prudential standards

14E. Powers of the Central Bank

14F. Suspension of activity

14G. Suspension or revocation of licence

14I. Risk assessment of a Licensed Financial Institution

14J. Customer due diligence measures

14K. Liability of the Central Bank for actions or omissions

14L. Liability of a Licensed Financial Institution for disclosure of information

14M. Non-disclosure

15. Customer identity

16. Responsibility of financial institution or person engaged in other business activity

16A. Standard for reasonable suspicion

16B. Risk assessment

17. Customer due diligence

18. Politically exposed persons

19. Internal reporting procedures

20. Further precautionary measures

21. Source of funds declaration

22. Warrants to search or seize

23. Freezing of property

24. Forfeiture of property and Forfeiture Fund

25. Third party rights

26. Application of sections 23 and 24

27. Rules for establishing actus reus

28. Proceeds of criminal conduct

29. Arranging with another to retain the proceeds of criminal conduct

30. Acquisition, possession or use of proceeds of criminal conduct

31. Attempts, aiding, abetting, counselling, procuring and conspiracy

32. Offence committed by a body of persons

33. Other offences

33A. Restrictions on conviction for money laundering offence

33B. Suspension or revocation of licence by order of the court

34. Mutual assistance

35. Secrecy obligations overridden

37. Criminal or civil liability for information

38. Confidentiality

39. Mandatory injunction

40. Compensation

40A. Prosecution of summary offences

41. Exemption from duties, taxes and levies

42. Power to amend Schedules

43. Regulations

PART 1 PRELIMINARY

2. Interpretation

3. Jurisdiction to try offences under this Act

PART 2 CONTINUATION, FUNCTIONS AND POWERS OF AUTHORITY

4. Continuation of Authority

5. Functions of the Authority

6. Powers of the Authority

6A. Power to issue directions

6B. Penalty for failure to comply with direction

7. Additional functions

7B. Director of the Authority

8. Investigation

9. Revenue of Authority

10. Expenses of Authority

11. Financial year

12. Annual Report

13. Annual Budget

14. Accounts and audit

14A. Interpretation of Part 2A

14B. Central Bank responsible for supervision of a licensed financial institution

14C. Inspection of a licensed financial institution by the authority

14D. Issue of prudential standards

14E. Powers of the Central Bank

14F. Suspension of activity

14G. Suspension or revocation of licence

14I. Risk assessment of a Licensed Financial Institution

14J. Customer due diligence measures

14K. Liability of the Central Bank for actions or omissions

14L. Liability of a Licensed Financial Institution for disclosure of information

14M. Non-disclosure

PART 3 PREVENTION MEASURES

15. Customer identity

16. Responsibility of financial institution or person engaged in other business activity

16A. Standard for reasonable suspicion

16B. Risk assessment

17. Customer due diligence

18. Politically exposed persons

19. Internal reporting procedures

20. Further precautionary measures

21. Source of funds declaration

22. Warrants to search or seize

PART 4 FREEZING AND FORFEITURE OF PROPERTY

23. Freezing of property

24. Forfeiture of property and Forfeiture Fund

25. Third party rights

26. Application of sections 23 and 24

PART 5 OFFENCES AND PENALTIES

27. Rules for establishing actus reus

28. Proceeds of criminal conduct

29. Arranging with another to retain the proceeds of criminal conduct

30. Acquisition, possession or use of proceeds of criminal conduct

31. Attempts, aiding, abetting, counselling, procuring and conspiracy

32. Offence committed by a body of persons

33. Other offences

33A. Restrictions on conviction for money laundering offence

33B. Suspension or revocation of licence by order of the court

PART 6 MISCELLANEOUS

34. Mutual assistance

35. Secrecy obligations overridden

37. Criminal or civil liability for information

38. Confidentiality

39. Mandatory injunction

40. Compensation

40A. Prosecution of summary offences

41. Exemption from duties, taxes and levies

42. Power to amend Schedules

43. Regulations

SUBSIDIARY LEGISLATION

Mondey Laundering (Prevention) (Guidance Notes) Regulations (Statutory Instruments 55/2010 and 82/2012)

Money Laundering (Prevention) (Guidelines for Conducting Other Business Activity) Regulations (Statutory Instrument 83/2012)

Money Laundering (Prevention) (Declaration of source of funds) (Forms) Regulations (Statutory Instrument 15/2013)

Money Laundering (Prevention) Regulations – Sections 21 and 43 (Statutory Instrument 53/2023)

Money Laundering (Prevention) (Guidance Notes) (Revocation) Regulations – Section 43 (Statutory Instrument 54/2023)

Money Laundering (Prevention) (Declaration of Source of Funds) (Forms) (Revocation) Regulations – Section 43 (Statutory Instrument 55/2023)

1. Citation and commencement

Money Laundering (Prevention) (Guidelines for Conducting Other Business Activity) (Revocation) Regulations – Section 43 (Statutory Instrument 56/2023)

1. Citation and commencement