Saint Lucia has been selected to become the first country to test a World Bank risk assessment tool designed to combat trade-based money laundering (TBML).
TBML typically involves disguising the movement of illicit funds through trade transactions, such as falsifying invoices or misrepresenting shipments, and is considered one of the most complex forms of financial crime worldwide.
The tool is being piloted during a three-day workshop, starting September 3, hosted by the National Anti-Money Laundering Oversight Committee and the World Bank at the Finance Administrative Centre. Officials from the United Nations Office on Drugs and Crime, along with representatives from Saint Lucia’s public and private sectors – including law enforcement and border control officials, as well as finance, trade, and regulatory bodies – are in attendance.
The sessions aim to identify TBML typologies and vulnerabilities, improve inter-agency co-ordination and strengthen policy responses.
In a release from the Attorney General’s chambers, officials and workshop organisers said the pilot would inform Saint Lucia’s 2025 National Risk Assessment and re-inforce the island’s efforts to protect its financial and trade systems from exploitation.
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