St Kitts-Nevis government responds to US financial report

The US State Department's report into financial crime contains "erroneous statements" about St Kitts and Nevis, the dual-islands' government has said.

The pushback appears to be over a statement on the Citizenship by Investment programme within 2017 International Narcotics Control Strategy Report, Volume II: Money Laundering and Financial Crimes (INCSR 2017 Volume II).

The report states: “There is a limited amount of information on the exact number of financial entities in the federation.”

The government of St Kitts-Nevis has hit back today and said: The facts show that the Eastern Caribbean Central Bank (ECCB) and the St Kitts and Nevis branches of the Financial Services Regulatory Commission (FSRC) maintain complete records for all licensed entities operating in the Federation and also publish a full list on their respective websites."

The government of St Kitts and Nevis works closely with the United States’ Department of Treasury’s Financial Crimes Enforcement Network to ensure that its concerns about the CIP are addressed, it added.

Only last week the International Monetary Fund, who were visiting the country for the 2017 Article Four (IV) Consultation, praised the scheme and noted officials had "strengthened the due-diligence process with dedicated resources and global collaboration".

A government spokesman said: "Our government is working assiduously to demonstrate that we are committed to abiding by the same exacting standards that the United States of America and our other longstanding allies adhere to, as responsible members of the international community."

The number of on-site examinations and inspections conducted, as well as enforcement actions taken by the Financial Services Regulatory Commission – the regulatory body for financial services, anti-money laundering and combating the financing of terrorism – in St Kitts and Nevis Branches are publicly available online.