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St Vincent & Gren Country Summary

71.54 Country Rating /100
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Sanctions

No

FATF AML Deficient List

No

Terrorism
Corruption
US State ML Assessment
Criminal Markets (GI Index)
EU Tax Blacklist
Offshore Finance Center

Background Information


Anti Money Laundering

FATF Status

St Vincent & the Grenadines 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 Saint Vincent and the Grenadines was undertaken in 2024. According to that Evaluation, Saint Vincent and the Grenadines was deemed Compliant for 13 and Largely Compliant for 17 of the FATF 40 Recommendations. It was deemed Highly Effective for 0 and Substantially Effective for 3 of the Effectiveness ratings.

US Department of State Money Laundering assessment (INCSR)

St. Vincent and the Grenadines is categorised by the US State Department as a Country/Jurisdiction of Primary Concern in respect of Money Laundering and Financial Crimes.

Overview

Saint Vincent and the Grenadines is comprised of 32 islands and cays, with an economy dependent on tourism and an offshore financial services sector.  The country continues to progress in its anti-money laundering/combating the financing of terrorism (AML/CFT) regime.  

The financial intelligence unit (FIU) cooperates with the United States regularly and seeks to address money laundering challenges through risk assessments, workshops, and training of its staff, as well as of compliance officers of entities overseen by the FIU.  The Financial Services Authority (FSA) is the regulatory body that supervises the offshore financial sector, and the FIU is the supervisory authority for designated non-financial businesses and professions (DNFBPs).

There are no free trade zones or economic citizenship programs.  Gaming is legal, but there are no casinos in operation.  As of year-end 2021, the FSA indicates there are three international banks, 4,097 international business companies (IBCs), 1,327 limited liability companies, 78 international trusts, 14 registered agents, and 75 mutual funds.  IBCs can be incorporated in less than 24 hours from receipt of application.  

Sanctions

There are no international sanctions currently in force against this country.

Bribery & Corruption

Rating                                                                           (100-Good / 0-Bad)

Transparency International Corruption Index                           60

World Governance Indicator – Control of Corruption             77

Economy

Saint Vincent and the Grenadines is a member of the Organization of Eastern Caribbean States (OECS) and the Eastern Caribbean Currency Union (ECCU).  In the most recent available figures from the Eastern Caribbean Central Bank (ECCB), the country’s 2022 estimated gross domestic product (GDP) was projected at $871.4 million (2,355 billion Eastern Caribbean dollars). In 2023, Saint Vincent and the Grenadines has continued to recover from the effects of the 2021 volcanic eruption, Hurricane Elsa, and the COVID-19 pandemic. Like most of the Eastern Caribbean, the country continues to grapple with supply-chain delays and surging consumer food and fuel prices exacerbated by Russia’s war on Ukraine. As of May 2023, the International Monetary Fund forecast the Vincentian economy to grow by 6.0% by the end of 2023.

The Government of Saint Vincent and the Grenadines strongly encourages foreign direct investment (FDI), particularly in industries that create jobs and earn foreign exchange.  Through the Invest Saint Vincent and the Grenadines Authority (Invest SVG), the government facilitates FDI and maintains an open dialogue with current and potential investors.

The country continues to promote economic diversification and investment in several niche markets, particularly tourism, international financial services, agro-processing, scientific and medical research, light manufacturing, renewable energy, creative industries, and information and communication technologies.  The government is also pushing ahead with planned upgrades to the healthcare sector.

Supported by the National Climate Change Policy and National Adaption Plan, green and blue investment opportunities are encouraged particularly in critical sectors such as tourism, general infrastructure, energy, agriculture, and light manufacturing. The government continues to place priority in the tourism sector as it continues to show signs of recovery with increasing visitor arrivals in 2023. Long awaited construction projects in the tourism sector and civil infrastructure are expected to commence within the calendar year and will provide a much-needed economic boost.

The government does not impose limits on foreign control, nor are there requirements for local ownership or ownership in locally registered companies.  The island’s legal system is based on the British common law system.

Saint Vincent and the Grenadines does not have a bilateral investment treaty with the United
States.  It has double-taxation treaties with the United States, Canada, Denmark, Norway, Sweden, Switzerland, and the UK.

In 2016, Saint Vincent and the Grenadines signed an intergovernmental agreement in observance of the United States’ Foreign Account Tax Compliance Act (FATCA), making it mandatory for banks in the country to report the banking information of U.S. citizens.

 

Country Links

Financial Intelligence Unit St. Vincent and the Grenadines (FIU-SVG)​

Eastern Caribbean Central Bank

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