St Kitts & Nevis

St Kitts & Nevis passes anti-laundering law

Under a new law passed by the St. Kitts and Nevis parliament in November, failure to co-operate with inquiries by a new Financial Intelligence Unit, which may, in the first instance, freeze bank accounts for up to five days, will carry penalties of up to Eastern Caribbean $50,000 with a possible two-year prison term. Companies may be fined up to EC$700,000.