Basseterre, St. Kitts, July 05, 2024 (SKNIS): The Honourable Garth Wilkin, Attorney General (AG) and Minister of Justice and Legal Affairs, supported the Limited Partnerships (Amendment) Bill, 2024, which was successfully passed in the Federal Parliament on Friday, July 05, 2024.
Moved by the Prime Minister, the Honourable Dr. Terrance Drew, the Bill had its first reading on June 14, 2024. AG Wilkin said this legislative milestone marks a significant step towards enhancing transparency and compliance within St. Kitts and Nevis’s financial framework.
According to the attorney general, the Bill aims to amend the Limited Partnership Act to align with modern recommendations of the Financial Action Task Force (FATF) and the Caribbean Financial Action Task Force (CFATF). He noted that the current Limited Partnership Act lacks adequate provisions for the required sufficiency of information and dissuasive sanctions. Therefore, the amendments focus on five key changes to strengthen compliance and governance.
The first amendment to section six (6) mandates that persons establishing limited partnerships must now submit a copy of their partnership agreement with specific details to the registrar. The second amendment to section eight (8) increases penalties for partners who fail to comply with amendment provisions, with fines up to EC $75,000 and additional daily fines of EC $250 for continuing offences. The third amendment to section 21 requires that notice of change of address for limited partnerships be provided within 21 days, along with other compliance adjustments.
The fourth amendment to section 22 increases penalties for partners who do not file their annual statements, ensuring defaulters are penalised and deferred from non-compliance. The final amendment to section 70 raises the fine for false or misleading statements in required documents to a maximum of EC $150,000.
Attorney General Wilkin emphasised the simplicity and necessity of these amendments.
“So Madam Speaker, it is very simple. It is in the spirit of complying with the good governance and transparency provisions within the Limited Partnership Act so that we cannot be seen as a jurisdiction that allows persons to hide behind legal structures to participate in nefarious activities, conceal their criminal actions, launder money, or fund terrorism,” he said.
Honourable Wilkin reiterated that St. Kitts and Nevis is committed to being extremely compliant with the FATF and CFATF requirements. He said the nation actively seeks support, attends meetings, conducts regular assessments, and recently tabled numerous related Bills to ensure stringent adherence to international standards.
Disclaimer
This article was posted in its entirety as received by SKNVibes.com. This media house does not correct any spelling or grammatical error within press releases and commentaries. The views expressed therein are not necessarily those of SKNVibes.com, its sponsors or advertisers
