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SVG's reputation as an offshore hub (including gambling and finance)
Shortly
Saint Vincent and the Grenadines (SVG) has an image of an accessible jurisdiction for international business: simplified registration of companies and popularity among forex projects are adjacent to active AML/CFT supervision and public warnings from regulators. In gambling, the country regulates terrestrial formats (lottery, permits according to the basic law), but online gambling does not have local licensing, which is why residents actually use foreign sites.
Financial "offshoring": the company is fast, the license is not always
FSA as a "gateway" to the non-bank sector. The Financial Services Authority (FSA) oversees non-banking financial services and emphasizes compliance with international standards, including AML/CFT and cooperation with foreign regulators.
FSA forex warnings. The regulator regularly publishes warrings and warnings about organizations not registered with SVG, and reminds that forex and crypto products in the country are not regulated as a licensed species; citizens are warned of the risks.
CFATF: AML/CFT profile. The mutual assessment of the FATF Caribbean Group (MER, adoption - November 2023, publication 2024) describes the current architecture for combating money laundering and terrorist financing, including the role of the FIU and the control of vulnerable sectors.
Conclusion: the reputation of "offshore" is formed by a combination of simple corporate infrastructure and wary but increasing financial supervision - especially in forex/crypto zones, where the FSA and FIU directly warn of risks.
Gambling: "ground" - yes, "online" - vacuum
What is legal and managed by whom. Land-based casinos/betting points and lotteries fall under the Gambling, Lotteries and Betting Act; the lottery sector is run by the National Lotteries Authority (NLA), established in 1984 (mission - support for sports and culture).
Online casinos and betting. There is no local online license: profile reviews and industry materials directly indicate that online gambling is not regulated, so residents can use foreign sites without local consumer protection. This is also reflected in international directories.
Actual land casino picture. US International Drug Control/Laundering (INCSR) reports confirm that there are no operating casinos, which emphasizes the "subtlety" of the offline segment.
What it means for the image. Domestically, there is a "white" lottery and a law for offline, but the lack of online mode and access to offshore companies reinforce the perception of SVG as a platform where remote gambling services are guided by foreign licenses and standards.
Media narrative: Canouan and the "resort swing"
Attempts to make Kanowan a "showcase" of high-class tourism and casino entertainment periodically fell into the media - from news about the change of operators (Raffles → restart) to recent essays about conflicts of interest and "billionaire battles." This maintains an image of jurisdiction open to capital and projects, but sensitive to management and market risks.
Risks and protection: the view of regulators
FIU SVG: publishes alerts and AML/CFT guides for "non-regulated suppliers" (NRSP) and DNFBP; separately emphasizes the lack of regulation of forex and cryptofertes within the country.
FSA SVG: maintains a public register of warnings and emphasizes that the registration of companies is not equal to the licensing of complex financial services (for example, forex).
CFATF MER 2024: describes the strengths and vulnerabilities of the system: there is a formal framework, but ongoing risk-based oversight and practices to curb abuse in cross-border services are needed.
How to work with it: recommendations for stakeholders
For investors and financial companies
1. Do not confuse incorporation with product authorization. Separately confirm the regulatory regime of the service (forex, payments, online gambling products).
2. Build AML/CFT "by adult." Full KYC/EDD, transaction monitoring, reporting in FIU - a guideline for CFATF practices.
3. Communicate risks transparently. Especially if the product is associated with highly volatile markets (FX/crypto) or offshore licenses.
For players and consumers
1. The NLA lottery is the "official" zone. Check sources and rules on the NLA website; it is a public operator with a mandate since 1984.
2. Online casinos/betting - foreign licenses only. There is no local license: read T&C, do not use a VPN when KYC, keep limits and do not keep large amounts in accounts.
3. Caution with "forex offers." Check names against FSA warnings; lack of registration/supervision - red flag.
For the state
1. Codify online mode. Separate add-on to the current gambling law: licenses, ODR on disputes, RG-tools 18 +, storage of logs.
2. Continue public FSA/FIU alerts. This is already working against dubious "offshore" practices in forex/crypto.
3. Maintain a reputation as a "responsible offshore." Expand international cooperation, implement risk-based checks and property transparency (beneficial ownership).
SVG's reputation as an offshore hub is a double exposure: on the one hand, an accessible corporate jurisdiction and a strong tourism brand; on the other, a growing and fairly public financial oversight (FSA/FIU) and online regulation vacuum in gambling. While the country is strengthening AML/CFT and informing the population, it is the lack of local online licenses and the practice of using foreign platforms that support the "offshore" image in the eyes of the world. The transition to transparent online rules and the further proactive position of regulators will help SVG consolidate its reputation as a responsible international center.
Reference sources: FSA SVG website and public warnings; FIU SVG alerts and guides; Report CFATF MER 2024 (adopted in November 2023); summary reviews that online gambling in SVG is unresolved; NLA resources (founded 1984); INCSR-2024 about the actual absence of operating casinos.