Saint Lucia has taken another step in strengthening its anti-money laundering and counter-financing of terrorism framework as government officials and key stakeholders reviewed the country’s National Risk Assessment Report in preparation for the Fifth-Round Mutual Evaluation scheduled for 2027 to 2028.
The review is intended to ensure that the country’s assessment of financial crime risks is accurate, evidence-based and capable of guiding future policy decisions while addressing weaknesses identified during the assessment process.
Permanent Secretary in the Attorney General’s Chambers Juliana Alfred said the report provides an important opportunity for Saint Lucia to take informed action based on the evidence collected.
“By us identifying our challenges, it allows us now to be able to make decisive decisions, set effective action plans, which will be guided on the basis of the evidence that we have collected,” Alfred said.
She encouraged all stakeholders to view the report as a practical resource rather than simply a compliance document.
“We want you to embrace this report as a tool, a tool for action, a tool that will allow us to prepare as we get ready for fifth round 2027-2028,” she said.
Alfred noted that the assessment also provides an opportunity to address shortcomings while building on progress already made.
“It provides us an opportunity to work on the deficiencies that we have highlighted in the report and to build on the work as well that the country has undertaken over the last few years.”
Attorney General Leslie Mondesir stressed that the country’s focus extends beyond achieving favourable assessment results.
“Our objective is not to secure the most favorable ratings, but to ensure that the conclusions are accurate, evidence-based, and truly reflective of our risk environment,” Mondesir said.
He emphasized that findings contained in the report must be supported by clear evidence.
“Where the evidence supports a conclusion, it must be clearly articulated. Where gaps, inconsistencies, or incidences exist, they must be identified and addressed.”
Mondesir said the success of the National Risk Assessment depends heavily on the quality of input from the agencies and sectors involved in the process.
“The credibility of the final report will depend on the quality of the contributions made by the agencies and sectors represented here today.”
He noted that the exercise is particularly important as Saint Lucia prepares for its next mutual evaluation under international standards established by the Financial Action Task Force.
“This exercise is particularly significant as we prepare for Saint Lucia’s fifth round mutual evaluation,” Mondesir said.
He explained that the evaluation process assesses not only the existence of legislation and institutions but also how effectively countries identify and respond to financial crime risks.
“The FATF methodology emphasizes not only the existence of laws and institutional frameworks but also the country’s ability to understand its risks and demonstrate that those risks are being effectively mitigated.”
The review of the National Risk Assessment Report forms part of Saint Lucia’s broader efforts to strengthen its financial integrity framework and ensure the country is well prepared for the upcoming Fifth Round Mutual Evaluation.