St Lucia Mortgage
Finance Company Limited
Showing St. Lucians the way home since 1968
Money laundering is the process by which monies derived, directly or indirectly from criminal activities whether robbery, terrorism, fraud, drug trafficking or any other criminal act are moved, concealed, or handled in order to obscure the link between the crime and the generated funds. The funds from the illicit activity is considered dirty and the process “launders” the money to make it look or appear clean.
Attempts are made to use the financial sector for this purpose by way of acceptance of deposits, payments made to settle accounts, transfer of funds, purchase of assets, etc.
The Financial Action Task Force on Money Laundering (FATF) which is recognized as the international standard setter for anti-money laundering (AML) affairs deemed money laundering as a serious international issue.
The Financial Intelligence Authority (FIA) has been established in Saint Lucia. The Authority acts as the agency responsible for receiving and analyzing suspicious transaction reports and the investigation of money laundering and other serious crimes.
The Financial institutions in Saint Lucia have a major role to play in the fight against money laundering and in helping to maintain the integrity of the financial system.
Saint Lucia has implemented a package of legislation geared towards detecting, preventing and prosecuting money laundering and other serious crimes as well as confiscating the proceeds of crime. These legislative measures are reflective of the international best practices. The relevant law includes the Money Laundering Prevention Act – St. Lucia No. 8 of 2010 and the Money laundering (Prevention) (Guidance Notes) Regulations Saint Lucia statutory instrument, 2010, No.55
The Money Laundering Prevention Act 2010 requires financial institutions and business of a financial nature to comply with a number of obligations including the reporting of suspicious transactions which may involve the proceeds of a prescribed offence.
SMFC has been operating since 1968 and over the years has acquired a reputation as a reliable financial institution with a history of absolute integrity in its dealings. Regardless of any regulatory sanctions, incalculable damage would be done to the Company’s image and reputation by involvement in any money laundering incident.
The Declaration of Source of Funds form must be completed by all customers as per SMFC’s Anti-Money Laundering Prevention Policy and Procedure guidelines.