Anguilla Banking Sector Strengthens Compliance Procedures

The Government of Anguilla has reaffirmed its commitment to adhering to international standards aimed at preventing and detecting money laundering and terrorist financing. In line with the Financial Action Task Force (FATF) Recommendations, Anguilla’s banking sector is working closely with regulatory bodies to ensure compliance with anti-money laundering and combating the financing of terrorism (AML/CFT) regulations.

A Comprehensive Legislative Framework

The island nation has established a comprehensive legislative framework to combat money laundering and terrorist financing. This includes:

The Proceeds of Crime Act (POCA)

Enacted in 2009, POCA is landmark legislation that forms the foundation for Anguilla’s anti-money laundering efforts.

Anti-Money Laundering and Terrorist Financing Regulations (AML/CFT Regulations)

These regulations have specifically identified all financial service providers and non-profit organisations as being subject to subsidiary legislation under POCA. This ensures that Anguilla’s banking sector remains vigilant and proactive in its efforts to prevent and detect money laundering and terrorist financing activities.

Anti-Money Laundering and Terrorist Financing Code

This code provides a comprehensive framework for the implementation of AML/CFT regulations in Anguilla.

Key Features of Anguilla’s AML/CFT Framework

• All financial service providers and non-profit organisations are subject to subsidiary legislation under POCA.
• The AML/CFT Regulations ensure that Anguilla’s banking sector remains vigilant and proactive in its efforts to prevent and detect money laundering and terrorist financing activities.

Conclusion

Anguilla’s commitment to AML/CFT compliance is a testament to the island nation’s dedication to maintaining a secure and stable financial environment for both domestic and international businesses.