Anti-Money Laundering Policy
The purpose of this policy is to detail the CedarFX Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) procedures. CedarFX aims to detect and prevent money laundering and terrorist financing in order to protect the company's reputation, comply with laws and requirements, and fulfil its obligations as a responsible corporate organization. CedarFX ensures that AML and CTF procedures are in line with all of its business operations.
The CedarFX management team is committed to actively preventing money laundering and terrorist financing through the use of its website. All employees and managers of the company must read and abide by these policies. Violation of these guidelines are subject to strict disciplinary action.
This policy is based on the AML's international legal framework, which consists of international treaties, FATF recommendations, EU directives, and national law.
EU Directive
This preventative measure directly targets the use of the financial system for the purposes of money laundering or terrorist financing. As a payment gatekeeper, CedarFX is required to apply enhanced vigilance in its business relations and transactions, including extra checks and control measures.
FATF Recommendations
FATF recommendations were drawn up to prevent and counter money laundering and terrorist financing by fostering a comprehensive and harmonious regulatory environment among EU member states and improving international standards across the board.
Domestic law of St. Vincent and the Grenadines
The Proceeds of Crime Act, No. 38 of 2015; The Financial Intelligence Unit Act, Cap 174 of the Revised Laws of 2009, as amended by Act No. 7 of 2013. The Drug Trafficking Offenses Act, Cap 173 of the Revised laws of 2009. The Exchange of Information Act, cap 146 of the Revised Laws of 2009. The Proceeds of Crime and Money Laundering (Prevention) Act, 2001. The Proceeds of Crime and Money Laundering Regulations, 2002. The Financial Intelligence Unit Act, 2001. The Mutual Assistance in Criminal Matters Act, cap 177 of the Revised Laws of 2009. The Anti- Money laundering and Terrorist Financing Regulations, No. 20 of 2014.The Confiscation in the Magistrates’ Court Regulations, No. 22 of 2015.
Saint Vincent and the Grenadines has enacted a series of laws aimed at detecting, preventing, prosecuting, and confiscating criminal proceeds for money laundering and other serious crimes. The legislative measures reflect international best practices and take into account the 40 Recommendations of the Financial Action Task Force (FATF) on Money Laundering and the 19 recommendations of the FATF in the Caribbean. The regulatory body responsible for overseeing the offshore financial sector is the Financial Services Authority.
All aforementioned provisions are likely to be amended / integrated / replaced following the full transposition ‐ in the jurisdictions in which the Company operates – of EU Directive ‐ 2015/849 “IV Anti‐Money Laundering Directive”.