SMALL ISLAND STATES OFFER SPECIAL CHALLENGES FOR ANTI-MONEY LAUNDERING INVESTIGATORS
August 1st, 2011
BY GEMMA HANDY, ERNIE SEON and KEITH NUTHALL
IT is well recognised by the Egmont Group of Financial Intelligence Units (FIUs) that poor countries can struggle to effectively police anti-money laundering legislation, no matter how effective. But when poverty is combined with a state that is small in size, this challenge can be tough indeed.
A good example of the challenges faced can be seen in the eastern Caribbean state of St Lucia, which has a relatively new international financial services sector, actively promoted by its government since 1998.
As the sector ...
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