The Financial Intelligence Authority (the FIA) was established in October 2003 pursuant to the provisions of the Financial Intelligence Authority Act 2002 and continued its operations under the Money Laundering (Prevention) Act, Chapter 12.20 of the 2013 Revised Laws of Saint Lucia (the MLPA).
The FIA is responsible for receiving, analysing, obtaining, investigating and disseminating information which relate to the proceeds of criminal conduct and in particular information derived from suspicious transaction reports (STRs). In addition to the MLPA, the FIA is also guided by the following legislations, which assist in its mandate of detecting, preventing and prosecuting money laundering and other serious crimes as well as confiscating the proceeds of crime:
- The Proceeds of Crime Act, Chapter 3.04 of the 2013 Revised Laws of Saint Lucia
- The Anti-Terrorism Act, Chapter 3.16 of the 2010 Revised Laws of Saint Lucia
Functions of the FIA
The FIA is a hybrid type financial intelligence unit having regulatory, supervisory and investigative powers, which allows the unit to fulfill its functions. The core functions of the unit are set out in Part 2, Section 5 of the MLPA and include:
- Collecting, receiving and analysing reports and information submitted from:
- financial institutions and persons engaged in other business activities
- the Customs and Excise Department, Inland Revenue Department, the Royal Saint Lucia Police Force and;
- Compilation of statistics and reports
- Disseminating information to the Customs and Excise Department, Inland Revenue Department, Commissioner of Police or the Director of Public Prosecutions
Supervision and Monitoring
- Advising financial institutions and persons engaged in other business activity of their obligations in relation to detecting, preventing and deterring offences under the POCA
- Establish training requirements and facilitate training for financial institutions or persons engaged in other business activity in respect of their transaction record keeping or reporting obligations
- Collecting, receiving and analysing reports and information submitted by Foreign Financial Intelligence Units
- Providing information relating to suspected money laundering or information relating to a suspicious activity report to Foreign Financial Intelligence Units
- Entering into agreements or arrangements with Foreign Financial Intelligence Units as necessary for the discharge or performance of its functions.
Advise the Minister
In relation to the detection and prevention of money laundering, terrorism and terrorist financing in Saint Lucia of:
- The work of the FIA and in particular on matters that could affect public policy or the priorities of the FIA
- Saint Lucia's participation in the international effort against money laundering and financing of terrorism.