St Kitts & Nevis Country Summary
Sanctions
Lower Concern
FATF AML Deficient List
Lower Concern
Terrorism
Medium Concern
Corruption
Medium Concern
US State ML Assessment
Higher Concern
Criminal Markets (GI Index)
Medium Concern
EU Tax Blacklist
Lower Concern
Offshore Finance Center
Higher Concern
Please note that although the below Summary will give a general outline of the AML risks associated with the jurisdiction, if you are a Regulated entity then you may need to demonstrate that your Jurisdictional AML risk assessment has included a full assessment of the risk elements that have been identified as underpinning overall Country AML risk. To satisfy these requirements, we would recommend that you use our Subscription area.
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Anti Money Laundering
FATF Status
Saint Kitts & Nevis is not on the FATF List of Countries that have been identified as having strategic AML deficiencies.
Compliance with FATF Recommendations
The last Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in St Kitts and Nevis was undertaken in 2022. According to that Evaluation, St Kitts and Nevis was deemed Compliant for 11 and Largely Compliant for 15 of the FATF 40 Recommendations. It was deemed Highly Effective for 0 and Substantially Effective for 0 of the Effectiveness & Technical Compliance ratin
Sanctions
There are no international sanctions currently in force against this country
Criminality
Rating |
0 (bad) - 100 (good) |
|---|---|
| Transparency International Corruption Index | NA |
| World Bank: Control of Corruption Percentile Rank | 65 |
Saint Kitts and Nevis has taken steps to combat corruption, including passing an updated Anti-Corruption bill in 2023 and establishing a special prosecutor's office, although reports of government corruption persist. The country faces challenges with human trafficking, illegal arms trafficking, and cocaine smuggling, while financial crimes, particularly tax evasion, are prevalent due to its status as a tax haven. Despite some successes in governance and law enforcement, issues such as political influence and limited victim protection remain significant concerns.
Economy
The economy of Saint Kitts and Nevis is projected to grow by 4.7% in 2024, with a GDP estimated at $1.13 billion, driven primarily by strong performances in tourism and renewable energy projects. The government actively promotes foreign direct investment across various sectors, including agriculture, financial services, and tourism, while providing incentives to attract both domestic and foreign businesses.
Saint Kitts and Nevis fosters a favorable investment climate by encouraging foreign direct investment (FDI) across various priority sectors such as tourism, renewable energy, and agriculture. The government offers incentives like tax holidays and the ability for foreign investors to repatriate profits fully, while local laws allow for 100% foreign ownership of investments. Additionally, the Saint Kitts Investment Promotion Agency (SKIPA) and the Nevis Investment Promotion Agency (NIPA) provide support and guidance to investors throughout the investment process.
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- Risk Analysis
- Corruption
- Economy
- Sanctions
- Narcotics
- Executive Summaries
- Investment Climates
- FATF Status
- Compliance
- Key Findings