SAINT KITTS & NEVIS CBI PROGRAM STARTS MOVING OUTSIDE THE REGULATED BANKING SECTOR INTO CRYPTOCURRENCY, DUE TO EXPOSURE OF MONEY LAUNDERING THROUGH U.S. CORRESPONDENT BANK ACCOUNTS

In a press release not covered by either American or European major media, the CIU of Saint Kitts & Nevis has announced that it will now accept holdings of cryptocurrency by applicants for its beleaguered economic citizenships, which have come under multiple attacks due to allegations of fraud, money laundering and corruption, and the illegal diversion of billions of dollars of CBI assets to Chinese-controlled consultancies. This move is being regarded as an SKN effort to short around the traditional international banking sector, with its AML/CFT laws and regulations regarding Source of Wealth and Source of Funds verification, and where American correspondent banks have expressed concerns over money laundering violations by Caribbean CBI/CIP programs.

Any partial effort to accept crypto in connection with CBI purchases is extremely disturbing, as the next logical step for Saint Kitts is to take crypto, which exists outside the regulated financial world, and convert it in-house, which would shield applicants from any meaningful due diligence investigation into the source of their purported wealth, as well as concealing its precise origin in the opaque world of cryptocurrency, in which concealment is an obvious component.

Whether American financial institutions that presently maintain correspondent accounts for the five East Caribbean states that sell economic citizenship we cannot say, but how they respond will most likely be closely watched by US regulatory agencies.