St Helena Government (SHG) has launched a public consultation on a new legislative framework to strengthen St Helena’s arrangements for tackling money laundering, terrorist financing and the proceeds of crime.
The consultation covers four draft instruments:
- the Proceeds of Crime Bill, 2026;
- the Anti-money Laundering and Terrorist Financing Regulations;
- the Non-Profit Organisation Regulations; and
- the Anti-money Laundering and Terrorist Financing Directive.
Together, these measures will replace and substantially modernise the existing framework under the Money Laundering Ordinance, 2008.
The reforms form an important part of delivering St Helena’s Sustainable Economic Development Strategy 2023-2033 (SEDS). The SEDS identifies reform and modernisation of St Helena’s financial services laws and regulations as necessary to encourage competition within the sector, support economic growth and improve compliance with international standards.
The work also forms part of the wider Financial Services and Company Registry Development Programme. The programme is intended to establish the foundations for a credible international company registry, increase locally generated government revenue, create new employment and skills opportunities, and support greater diversification of St Helena’s economy.
A credible anti-money laundering and counter-terrorist financing framework is an essential part of that work. St Helena must be able to demonstrate that the development of new financial services and internationally focused business is supported by effective safeguards against financial crime and meets the standards expected internationally.
The proposed framework is designed to bring St Helena into closer alignment with the standards established by the Financial Action Task Force (FATF), the global standard-setting body for combating money laundering, terrorist financing and proliferation financing.
It will strengthen arrangements for preventing and detecting financial crime, recovering the proceeds of crime and supervising businesses that are required to comply with anti-money laundering and counter-terrorist financing requirements.
It will also introduce formal requirements for certain businesses and professions that are not currently subject to the full AML/CFT framework. These include relevant activities carried on by real estate agents, lawyers, accountants, trust and company service providers and high value dealers. A separate, risk-based regime is proposed for non-profit organisations.
Minister for Economic Development, Karl Thrower, said:
“These reforms are an important part of delivering our Sustainable Economic Development Strategy. If St Helena is to develop its financial services sector and a credible international company registry, we also need a modern regulatory framework that meets international standards.
“Doing this properly will help protect St Helena’s reputation, support confidence in the jurisdiction and create the conditions for new business, jobs and locally generated revenue as we diversify our economy.”
The consultation gives businesses, professionals, non-profit organisations and members of the public an opportunity to review and comment on the draft legislation before it is finalised.
The consultation documents comprise the four draft instruments together with an Explanatory Note setting out the background to the reforms, explaining the principal provisions and describing how the new framework is expected to operate in practice. These are all available at https://www.sainthelena.gov.sh/st-helena/government/public-consultation/.
The consultation will close at 16:00 on 27 November 2026.
Responses should be submitted by email to damian.burns@sainthelena.gov.sh or by post to:
Economic Development Portfolio, The Castle, Jamestown, St Helena, STHL 1ZZ
When submitting a response, respondents are asked to provide their name and contact details and state the capacity in which they are responding, for example as a business, professional, non-profit organisation, representative body or individual.
Public information sessions on the proposed framework will also be announced next week through SHG press releases, local media and online channels.
Following the consultation, responses will be considered by SHG, the Financial Services Regulatory Authority and the Attorney General’s Chambers before the legislative package is finalised and the Proceeds of Crime Bill proceeds to Legislative Council.
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