Basseterre, St. Kitts, October 21, 2015 (SKNIS): A seminar to strengthen the financial sector in St. Kitts and Nevis against money-laundering and the financing of terrorism was held at the St. Kitts Marriott Resort, on Wednesday, October 21.

Mrs. Hilary Hazel, Financial Secretary and Chairperson of the Financial Services Regulatory Commission (FSRC) welcomed participants.

“You are vital partners in ensuring that the financial services sector grows stronger as an important pillar of our development here in the Federation of St. Kitts and Nevis,” the Financial Secretary said, adding that the development of the financial services sector remains a high priority for the Government of St. Kitts and Nevis.

“The entities represented here today are vital partners as we work together to ensure that St. Kitts and Nevis remains compliant with the ever changing regional and international standards established by the operations within the sector,” she said.

Mrs. Hazel said that such standards are developing and it is best to keep abreast of all the changes as they will be used to evaluate the Federation’s compliance with measures designed to prevent and detect money laundering activities and to combat the financing of terrorism worldwide.

The Financial Secretary said the seminar was an important part of FSRC mandate.

“This seminar is therefore one of the flagship initiatives that would be utilized by FSRC to promote an understanding and awareness of the level of cooperation required from our regulated entities as we strive to ensure that the Federation maintains a high level of compliance and efficiency,” she stated. “In recognition of the increasing threats from money laundering and terrorists financing activity in recent years, many countries including St. Kitts and Nevis have intensified efforts to develop and maintain an Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) regime that is robust and can effectively respond to the constantly changing environment as it relates to risk and vulnerabilities.”

Mrs. Hazel said that efforts are aimed at protecting the integrity of the Federation’s financial system and the economy and encouraged regulated entities to develop policies and procedures in accordance with the established legislation.

In October 2010, the FSRC was established in accordance with the Financial Services Commission Act, No. 22 of 2009 to regulate the non-bank financial sector, and as the ultimate regulatory body for the financial services sector, AML and CFT for St. Kitts and Nevis.

The workshop which was organized by the Financial Services Regulatory Commission (St. Kitts Branch) was first held on October 21, 2014.

Source: The St. Kitts-Nevis Information Service (SKNIS)