St. Lucia became a member of CARICOM on 26th July 1974. For details on the economy, political structure and demographics see the World Fact Book - St. Lucia
The Ministry of Finance (MOF) is empowered by the Finance Administration Act 1997 (Act No. 3 of 1997) to regulate procurement. MOF issues Financial Regulations (FR) and Financial (Stores) Regulations by virtue of (i) The Financial Rules, 1998 [First Schedule] and (ii) The Stores Rules 1998 [Second Schedule] of the Finance and Audit Amendment Act 1998 (Act No. 25 of 1998). As executive acts, these rules can be easily changed by the Minister of Finance and do not reflect established government procurement principles and practices. Existing rules promote selective bidding, excessive discretion in decision making, and do not address issues and aspects which are key to efficiency, fairness, transparency and accountability, such as, for example:public bid opening; qualifications on suppliers and contractors; award to the lowest evaluated bidder; bid protests; debarment of bidders; disclosure of procurement rules; and maintenance of procurement records. In addition, conditions for use of various procurement methods are not defined and there are no separate rules for procurement of consulting services.
On 15th October 2008 St.Lucia signed the CARIFORUM EC - EPA which contains public procurement conditions for the first time in a multi-lateral trade agreement in the ACP. The conditions require transparency in all Government Procurement above a threshold of approximately 164,000 Euros.
St. Lucia has not ratified the Inter-American Convention on Mutual Assistance in Criminal Matters nor the UN Convention on Corruption but has signed the CARICOM Mutual Legal Assistance Treaty on Serious Criminal Matters.
Corruption Perceptions Index (CPI) 2009 Ranking measures the perceived level of public-sector corruption in 180 countries and territories around the world. The CPI is a "survey of surveys", based on 13 different expert and business surveys. St. Lucia ranked 22nd in the CPI 2009 with a score of 7.0.