Local Authorities say International Media Description of SVG Uninformed and Erroneous

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The relevant authorities here in St. Vincent and the Grenadines, namely, the National Anti-Money Laundering Committee (NAMLC), the Financial Services Authority (FSA) and the Financial Intelligence Unit (FIU), has issued a joint statement strongly denouncing the description of St. Vincent and the Grenadines as being “notorious for money laundering” and a “prime money laundering destination.”

The stated authorities say they consider such descriptions linking St. Vincent and the Grenadines with money laundering to be uninformed, outdated, erroneous, and inaccurate, noting that there is no basis for such descriptions, particularly as this country is not on any international sanctions list as a money laundering haven, nor on any other international sanctions list.

The authorities emphatically refute that St. Vincent and the Grenadines is a “money laundering” jurisdiction, noting that on the contrary, SVG has for several years been effectively addressing money laundering and financial crimes, as well as responsibly participating in international initiatives aimed at combating money laundering, the financing of terrorism, tax offences and financial crime.

As it relates to the company referenced in the international media formed in SVG, the authorities say appropriate customer due diligence and customer verification procedures were undertaken and note that even the most effective systems around the world sometimes may not prevent a criminal intention to commit fraudulent or money laundering activities.

The statement further notes that since 2013- 2014 and more recently in 2017, the relevant authorities and institutions here in St. Vincent and the Grenadines have been cooperating with the US authorities in the investigation of the matter at hand and will continue to lend their assistance.

2 Comments

  1. Because it is not on a sanctioned list? Such perfidy! It only takes one disclosure of malfeasance…Furthermore, who are the people leading these “so called” watchdog bodies? They should be investigated for complicity! If SVG was not on such a list,then the island will surely be under scrutiny!

  2. Due diligence?What a joke! When $1.4 million is wired into accounts,it is responsibility of the “watchdog” bodies to investigate the trail until it is proven as “clean money,”particularly when not for direct investment(s)!

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