(1) In the exercise of its functions under subsection (2), the Authority shall act as the agency responsible for receiving, analyzing, obtaining, investigating and disseminating information which relates to or may relate to the proceeds of criminal conduct under this Act and offences under the Proceeds of Crime Act or any enactment replacing it.
(2) Without limiting the provisions of subsection (1) and despite any other law to the contrary, the Authority —
(a) shall collect, receive and analyze reports and information submitted to the Authority by a financial institution and a person engaged in other business activity under this Act and the Proceeds of Crime Act from the Customs and Excise Department, Inland Revenue Department, from the Royal Saint Lucia Police Force and from a Foreign Financial Intelligence Unit;
(b) shall advise the Minister in relation to the detection and prevention of money laundering, terrorism, terrorist financing and proliferation financing in Saint Lucia; (Amended by Act 16 of 2021)
(c) shall advise the Minister of the work of the Authority and in particular on matters that could affect public policy or the priorities of the Authority;
(d) prepare and submit interim reports every 3 months reviewing the work of the Authority;
(e) may disseminate information to the Customs and Excise Department, Inland Revenue Department, Commissioner of Police or the Director of Public Prosecutions; (Substituted by Act 9 of 2011)
(f) shall retain the record of all information that it receives for a minimum period of 5 years;
(g) may provide information relating to suspected money laundering, terrorist financing and proliferation financing or information relating to a suspicious activity report to any Foreign Financial Intelligence Unit subject to the conditions the Authority may consider appropriate; (Amended by Act 16 of 2021)
(h) may enter into any agreement or arrangement, in writing, with any foreign or domestic organization, including a, Foreign Financial Intelligence Unit which is considered by the Authority to be necessary or desirable for the discharge or performance of its functions; (Amended by Act 16 of 2021)
(i) shall compile statistics or records;
(j) may consult with any person, institution or organization for the purpose of performing its functions or exercising its powers under this Act;
(k) shall advise a financial institution and a person engaged in other business activity of the obligations under measures that have been or might be taken to detect, prevent and deter the commission of offences under the Proceeds of Crime Act, Cap. 3.04 or any enactment replacing it;
(l) shall advise the Minister as to the participation of Saint Lucia in the international effort against money laundering, terrorist financing and proliferation financing; (Amended by Act 16 of 2021)
(m) shall supervise and monitor financial institutions and persons engaged in other business activity to determine compliance with this Act; (Substituted by Act 16 of 2021)
(n) may receive from, and submit to, the Central Bank information in relation to a licensed financial institution under this Act; (Inserted by Act 16 of 2021)
(o) may receive from, and disseminate to, a Foreign Financial Intelligence Unit or foreign law enforcement agency, information in relation to anti-money laundering, counter-terrorist financing and counter-proliferation financing; (Inserted by Act 16 of 2021)
(p) may receive from, and disseminate to, a foreign supervisory counterpart, supervisory information for anti-money laundering, counter-terrorist financing and counter-proliferation financing purposes; (Inserted by Act 16 of 2021)
(q) shall advise a financial institution and a person engaged in other business activity of concerns about weaknesses in the anti-money laundering, counter-terrorism financing and counter-proliferation financing systems of other countries; (Inserted by Act 16 of 2021)
(r) may carry out any other incidental function. (Inserted by Act 16 of 2021)