BASSETERRE, St. Kitts, November 08, 2024 (SKNIS) – With the passage of the Anti-Proliferation (Financing of Weapons of Mass Destruction) (Amendment) Bill, 2024, in the National Assembly on November 08, the Government of St. Kitts and Nevis has reaffirmed its commitment to prevent the financing of weapons of mass destruction, thereby contributing even further to international peace and security.
“This amendment Bill aims to further strengthen our efforts by ensuring we can effectively freeze the assets of those involved in such dangerous activities,” said the mover of the Bill, Prime Minister the Honourable Dr. Terrance Drew.
The first key amendment broadens the definition of ‘financial institution’ to include a wide range of businesses to ensure that all relevant entities are covered under the law. The second amendment updates the term ‘property’ to funds or other assets, providing a clearer and more comprehensive definition that aligns with international standards.
“These changes are crucial for maintaining compliance with the Financial Action Task Force (FATF) recommendations, keeping St. Kitts and Nevis at the forefront of global efforts against money laundering and terrorist financing,” Dr. Drew said.
“What St. Kitts and Nevis is doing here is being a responsible partner in ensuring that we are part of that network to stop persons who want to commit nefarious acts on our shores and on the shores of our international partners,” Dr. Drew as he underscored the significance of the legislative amendments.
Prime Minister Dr. Drew stated further that St. Kitts and Nevis’ Sustainable Island State Agenda relies on a strong and reputable financial system. This he said is being achieved by enhancing our financial infrastructure.
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
