National Anti money Laundering Committee Bill Final

No.     of 2019. Anti-Money Laundering National Committee Saint Christopher       Bill, 2019. and Nevis. 

 

SAINT CHRISTOPHER AND NEVIS

          No.   of 2019

A BILL to provide for the establishment of a national anti-money laundering Committee 

 

BE IT ENACTED by the Queen’s Most Excellent Majesty, by and with the advice and consent of the National Assembly of Saint Christopher and Nevis and by the authority of the same as follows:

 

  1. Short Title.

 

This Act may be cited as Anti-Money Laundering National 

Committee Act, 2019.

  1. Interpretation.

 

In this Act, 

 

“Committee” means the Anti-Money Laundering National Committee; 

“FATF” means the Financial Action Task Force, being the intergovernmental organisation founded in 1989 on the initiative of the G7 to develop policies to combat money laundering. In 2001 its mandate expanded to include terrorism financing;

 

“Mutual Evaluation” means the Mutual Evaluation peer review process for anti-money laundering and counter terrorism financing practices of the Financial Action Task Force

 

  1. Anti-Money Laundering National Committee. 

 

There is hereby established an Anti-Money Laundering 

National Committee.

 

  1. Functions of Committee.

 

The Committee shall have the following functions:

 

  1. issue operational and informative guidelines on the Mutual Evaluation to all relevant agencies as necessary;

 

  1. engage public and private stakeholders and conduct focus group discussions, meetings and workshops in preparation for the Mutual Evaluation of St. Kitts and Nevis;

 

  1. conduct risk-based outreach for sectors requiring enhanced focus, especially those agencies deemed to be high risk with respect to money laundering and terrorist financing;

 

  1. set timelines for deliverables and to monitor the progress of submissions made by the relevant government agencies and private stakeholders;

 

  1. submit or approve the submission of documents, reports, statistics and case studies to the Mutual Evaluation Assessment Team as evidence of compliance;

 

  1. coordinate with supervisory authorities and other government agencies for the issuance and implementation of the necessary policies and regulations addressing the gaps identified in the aAnti-money laundering and counter terrorist financing framework to ensure full compliance with FATF recommendations.

 

  

 

  1. Composition of Committee.

 

The Committee shall be comprised of the following persons:

 

  1. the Attorney General as Chairperson;

 

  1. the Financial Secretary or a senior representative of the ministry of Finance;

 

  1. the Comptroller of Customs;

 

  1. the Commissioner of Police;

 

  1. a senior representative from the Eastern Caribbean Central Bank;

 

  1. the Comptroller of Inland Revenue orf aA senior          representative of the Inland Revenue Department;

 

  1. the Directors of branches of the Financial Services Regulatory Commission.

 

  1. the Chief Immigration Officer;

 

  1. the Director of the Financial Intelligence Unit;

 

  1. a senior representative of the Legal Department, Nevis Island Administration.

 

 

………………………….

  1. MICHAEL PERKINS

Speaker

 

Passed by the National Assembly this                day of , 2019.

 

……………………………………

SONIA BODDIE-THOMPSON

Clerk of the National Assembly

 

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