FATF status

St Lucia is not on the FATF List of Countries that have been identified as having strategic AML deficiencies.

Compliance with FATF Recommendations

The last follow-up Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in St Lucia was undertaken in 2023. According to that Evaluation, St Lucia was deemed Compliant for 14 and Largely Compliant for 16 of the FATF 40 Recommendations. It remains Highly effective for 0 and Substantially Effective for 0 of the Effectiveness & Technical Compliance ratings.

Saint Lucia has established laws and regulations to combat corruption, including the Integrity in Public Life Act of 2004, and has various government agencies responsible for enforcement. Despite appointing a special prosecutor to investigate public corruption, no cases have been pursued thus far. The country is committed to anti-corruption efforts as a signatory to both the Inter-American Convention against Corruption and the United Nations Convention against Corruption.

Saint Lucia's economy is primarily driven by tourism, with real estate development and global business outsourcing also playing significant roles. The country is vulnerable to external shocks, including climate change and global economic downturns, but the International Monetary Fund (IMF) projects a growth rate of 2.4 percent by the end of 2024.

Saint Lucia's investment climate is characterized by a strong encouragement for foreign direct investment (FDI), particularly in sectors such as infrastructure, tourism, and real estate development. The government offers various incentives, including tax holidays and duty waivers, to attract both domestic and foreign investors, while ensuring that there are no restrictions on foreign ownership of businesses. Additionally, Invest Saint Lucia serves as a one-stop shop for investors, facilitating the investment process and promoting the country as an attractive destination for investment.