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© 2010 International Monetary Fund
October 2010
IMF Country Report No. 10/310
St. Vincent and the Grenadines: Report on Observance of Standards and Codes—FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism
This Report on the Observance of Standards and Codes on the FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism for St. Vincent and the Grenadines was prepared by a staff team of the International Monetary Fund using the assessment methodology adopted by the FATF in February 2004 and endorsed by the Executive Board of the IMF in March 2004. The views expressed in this document, as well as in the full assessment report, are those of the staff team and do not necessarily reflect the views of the Government of the St. Vincent and the Grenadines or the Executive Board of the IMF.
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Front Matter Page
INTERNATIONAL MONETARY FUND
SAINT VINCENT AND THE GRENADINES
Report on Observance of Standards and Codes (ROSC)—FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)
Prepared by the Legal Department
Approved by Sean Hagan
June, 2010
ABBREVIATIONS
| AML/CFT |
Anti-Money Laundering/Combating the Financing of Terrorism |
| CCMA |
Customs (Control and Management)(Amendment) Act) |
| CDD |
Customer Due Diligence |
| CFATF |
Caribbean Financial Action Task Force |
| CFT |
Combating the Financing of Terrorism |
| DNFBP |
Designated Non-Financial Businesses and Professions |
| DPP |
Director of Public Prosecutions |
| ECCB |
Eastern Caribbean Central Bank |
| FATF |
Financial Action Task Force |
| FIs |
Financial Institutions |
| FIU |
Financial Intelligence Unit |
| FT |
Financing of Terrorism |
| IBC |
International Business Company |
| IFSA |
International Financial Services Authority |
| IMF |
International Monetary Fund |
| ITR |
International Trust |
| MOU |
Memorandum of Understanding |
| ML |
Money Laundering |
| NAMLC |
National Anti-Money Laundering Committee |
| NPO |
Nonprofit Organization |
| PEP |
Politically-Exposed Person |
| POCA |
Proceeds of Crime and Money Laundering (Prevention) Act |
| ROSC |
Report on Observance of Standards and Codes |
| SAR |
Suspicious Activity Report |
| SFT |
Suppression of the Financing of Terrorism |
| SRD |
Supervisory and Regulatory Division |
| SVG |
Saint Vincent and the Grenadines |
| UN |
United Nations |
| UNATMA |
United Nations (Anti-Terrorism Measures) Act |
| UNSCR |
United Nations Security Council Resolution |