Antigua and Barbuda Takes Steps to Enhance AML/CFT Cooperation and Confidentiality

The Financial Action Task Force (FATF) has recognized significant progress made by Antigua and Barbuda in addressing deficiencies related to cooperation, coordination, and exchange of information in its anti-money laundering and combating the financing of terrorism (AML/CFT) efforts.

Enhancing Confidentiality and Cooperation

According to a recent report, the country has implemented measures to enhance confidentiality and cooperation with foreign authorities. The Financial Services Regulatory Commission (FSRC), the Eastern Caribbean Central Bank (ECCB), the Antigua and Barbuda Revenue Protection Agency (RPFAB), and Customs have all taken steps to safeguard the confidentiality of information exchanged between competent authorities.

• Antigua and Barbuda has entered into mutual legal assistance treaties (MLTs) and memoranda of understanding (MOUs) with foreign regulatory bodies, which obligate the parties to maintain the confidentiality of exchanged information.
• The country’s financial supervisors are also able to exchange information proportionate to their respective needs.

Information Sharing

Regarding the sharing of information held by financial institutions, the report notes that:

• Section 31(3) of the FSRC Act permits the Commission to disclose information upon request, but it is unclear whether this provision applies to information held by financial institutions.
• The ONDCP Act authorizes the Office of National Drug and Money Laundering Control Policy (ONDCP) to request information from financial institutions.

Minor Shortcomings

The report also notes that:

• Section 31(8)(b) of the FSRC Act debars the Commission from aiding an overseas regulatory authority unless the Commission has been given an undertaking by the said authority that it will not disclose the information provided, but there is no provision requiring the Commission to obtain prior authorization before disclosing information.

Significant Progress

Despite these minor shortcomings, Antigua and Barbuda has made significant progress in addressing deficiencies related to cooperation, coordination, and exchange of information. The country’s National Oversight Committee on Financial Action (NOCFA) has established a domestic mechanism for the exchange of information and has entered into an MMOU with other competent authorities within the country.

Conclusion

In conclusion, Antigua and Barbuda’s efforts to enhance AML/CFT cooperation and confidentiality have been recognized by the FATF. The country’s commitment to implementing effective measures to prevent money laundering and terrorist financing is commendable, and its progress in addressing deficiencies related to cooperation, coordination, and exchange of information is a positive step forward.