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This guidance document is intended to provide institutions with necessary guidance in respect of what actions are to be taken when establishing customer relationships.
A Politically Exposed Person (PEP) is defined as an individual who is or has been entrusted with prominent public function and their family members and close associates. The categories of PEPs that stem from this definition are Foreign PEPs, Domestic PEPs, International Organisation PEPs, their family members and close associates. It is a well established fact that politically exposed persons (PEPs) are classified as a type of high-risk client that usually require enhanced due diligence (EDD). However, based on further guidance from the Financial Action Task Force (FATF) in their discussion of Recommendations 12 and 22, it has been clarified that the different categories of PEPs are to be treated differently in terms of the level of CDD required for them and their categorisation as a PEP should be reviewed accordingly depending on the change in their position and circumstances.
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...
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.
