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 agencies to combat corruption, including the Integrity in Public Life Act of 2004 and the appointment of a special prosecutor to investigate public corruption. However, no cases or trials have been initiated despite the legal framework allowing for civil and criminal proceedings against public officials. The country is also a signatory to international anti-corruption conventions, demonstrating its commitment to addressing 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 of foreign direct investment (FDI) across various sectors, particularly in infrastructure, tourism, and real estate development. The government offers numerous incentives, including tax holidays and the ability for foreign investors to repatriate profits, while Invest Saint Lucia acts as a facilitator for investors navigating the investment process. Additionally, local laws permit 100 percent foreign ownership of businesses, reflecting a commitment to creating an open and welcoming business environment.