Anti-Money Laundering Policy
This Policy aims to present the Anti-Money Laundering procedures (AML) and Counter-Terrorism Financing (CTF) of LonghornFX. LonghornFX seeks to detect and prevent money laundering and terrorism financing activities in order to protect the Company’s reputation, comply with law and requirements and fulfil its duties as a responsible corporate body. The Company ensures that the AML and CTF procedures are carried out in a way that complements business priorities.
LonghornFX management is dedicated to actively preventing money laundering and terrorist financing taking place on the company website. These policies are to be adhered to by all employees and any member of staff or management found to be breaching these policies will face disciplinary action.
The management of the Company places extremely high importance on assisting in discovering any money laundering scheme.
These policies are to be read by and adhered to by all employees and officers of the Company. Any employee found not to be adhering to these policies and procedures will face severe disciplinary action. The Company policy is based on the international AML legal framework consisting of international conventions, FATF Recommendations, EU Directives and domestic law.
FATF Recommendations
Recommendations of FATF – FATF IX Special Recommendations, FATF 40 Recommendations. A set of measures aimed to prevent and combat money laundering and financing of terrorism by acknowledging the evolution of international standards to achieve a harmonised regulatory environment among the EU Member States.
EU Directive
EU Directive – 2015/849 – IV Anti‐Money Laundering. It sets out measures for preventing and combating money laundering and terrorism financing, acknowledging, over time, the evolution of international standards with the aim of achieving a harmonised regulatory environment between the Member States.
Domestic law of St. Vincent and the Grenadines
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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.
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The Drug Trafficking Offenses Act, Cap 173 of the Revised laws of 2009.
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The Exchange of Information Act, cap 146 of the Revised Laws of 2009.
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The Proceeds of Crime and Money Laundering (Prevention) Act, 2001.
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The Proceeds of Crime and Money Laundering Regulations, 2002.
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The Financial Intelligence Unit Act, 2001.
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The Mutual Assistance in Criminal Matters Act, cap 177 of the Revised Laws of 2009.
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The Anti- Money laundering and Terrorist Financing Regulations, No. 20 of 2014.
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The Confiscation in the Magistrates’ Court Regulations, No. 22 of 2015.
St. Vincent and the Grenadines has implemented a package of legislation aimed at detecting, preventing, and prosecuting money laundering and other serious crimes as well as confiscating the profits of crime. The legislative measures reflect international best practices and take account of the 40 Recommendations of the Financial Action Task Force (FATF) on money laundering and the 19 Recommendations of the Caribbean FATF. The regulatory body with the mandate to supervise the offshore financial sector is the Financial Services Authority.
The above-mentioned 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”.
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