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GUIDANCE/PROCEDURE FOR IMPLEMENTING - TARGETED FINANCIAL SANCTIONS 1

The absence of physical threats of terrorism does not impact the level of commitment that Saint Vincent and the Grenadines pledges towards the fight against terrorism and terrorist financing. Due to the escalating threats internationally and regionally, the Financial Intelligence Unit (FIU) of Saint Vincent and the Grenadines, with a network of Government agencies and in partnership with the private sector, has established a robust and proactive strategy to effectively combat the potential horrors of terrorism and its financing...

(Otherwise called Designated Non-Financial Businesses and Professions (DNFBPs))

 Supervisory Authority for NRSPs

Pursuant to Regulation 36 (b) of the Anti-Money Laundering and Terrorist Financing Regulations 2014, as amended by S.R.O No.25 of 2017 (AMLTFR), the Saint Vincent and the Grenadines Financial Intelligence Unit (SVGFIU) is designated as the supervisory authority of Non-Regulated Service Providers (NRSPs) which comprises of:

  1. Real estate agents
  2. Casinos
  3. Car dealers
  4. Jewelers
  5. Lawyers, Notaries, Accountants and Auditors who engage in the following activities:
  1. buying and selling of real estate
  2. management of client money, securities or other assets
  3. management of bank, savings or securities accounts
  4. organisation of contributions for the creation, operation or management of companies
  5. creation, operation or management of legal persons or arrangements

 

Over the years, the SVGFIU has conducted various training and awareness raising sessions/workshops to sensitise NRSPs of their Anti-Money Laundering/Counter-Financing of Terrorism (AML/CFT) obligations pursuant to the AMLTF Regulations. The Supervisory Department was subsequently established on 15th August, 2018.

 

PART I -Introduction

This Guidance Note is intended to provide assistance to Financial Institutions and Service Providers (Reporting Entities) in meeting their obligations to make Suspicious Activity Reports (SAR) to the Financial Intelligence Unit (FIU).  These obligations are imposed under section 126 of the Proceeds of Crime Act (POCA) No. 38 of 2013 and section 15 of the Anti-Terrorism Financing and Proliferation Act (ATFPA) No.14 0f 2015.   This Guidance includes information on who must file, when to file, how to complete the SAR Form as set out in POCA, and the procedure for submission to the FIU.