5. Other Relevant Matters

A. Anti-money Laundering

The Federation enacted a suite of anti-money laundering legislation in 2001 in an effort to preserve the Federation's integrity as an emerging financial centre. The Proceeds of Crime Act, 2000 made money laundering a criminal offence and provides for the confiscation and forfeiture of proceeds of crime. The anti-money laundering regime provides for the relevant authorities to receive information from financial institutions on suspicious transactions. Financial institutions are required to have anti-money laundering compliance officers and to adopt 'Know Your Customer' policies.

B. Visa Waiver

Federation citizens can visit the Schengen member countries of the European Union without obtaining a visa, and stay for a period of three months within a six-month period following the date of first entry in any EU country. Schengen includes Iceland, Norway and Switzerland, which have adopted the treaty. Due to their open borders with Schengen members, Liechtenstein, Monaco, San Marino and Vatican City are considered to be de-facto Schengen members. Kittitians-Nevisians do not need visas to visit the United Kingdom and the Republic of Ireland, and can stay for six months in the United Kingdom and three months in Ireland.

C. Citizenship By Investment

The Federation offers foreign persons the opportunity to become citizens on the basis of the purchase of a piece of real property or upon the investment in a public charity. Citizenship can be obtained through the purchase of property valued at USD350,000 or more on the southern peninsula of Saint Kitts, in the north-west of Nevis or via a donation of USD200,000 to a fund for displaced sugar industry employees. The Application for Citizenship and accompanying passports must certify that all family members are free of infectious diseases, including HIV/AIDS, and do not have a criminal record.