Virtual Asset Legislation Enacted to bolster Saint Lucia’s Anti-Money Laundering Legislation

The National Anti-Money Laundering Oversight Committee (NAMLOC) sensitized stakeholders from the financial and legal sectors, real-estate and civil society organizations on the purpose, intent, and impact of the Virtual Assets Business Act which was recently passed in December 2022. 

The National Anti-Money Laundering Oversight Committee (NAMLOC) presented certificates of participation to stakeholders involved in reviewing the recent amendments to Saint Lucia’s Anti-Money Laundering, Terrorist, and Proliferation Financing legislation. These amendments are critical to Saint Lucia's application for re-rating to be removed from enhanced follow-up. One piece of legislation which will impact several service providers is the Virtual Assets Business Act which was recently passed in December 2022. 

Virtual asset is a digital representation of value that can be traded or used for payment or investment.

“Most virtual assets that you would know or would have heard of would be cryptocurrencies or virtual currencies such as bitcoin or lite coin. And, today it is reported that over 20,000 of those are in circulation.”