Antigua and Barbuda’s Compliance with Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) Recommendations

Overview of the Report

This report assesses Antigua and Barbuda’s compliance with AML/CFT recommendations, evaluating the country’s progress in implementing policies and procedures to prevent money laundering and terrorist financing.

Key Findings

• Exchange of Information: Antigua and Barbuda has made significant progress in exchanging information with foreign counterparts, including financial institutions, regulatory bodies, and law enforcement agencies.
• Confidentiality: Measures have been implemented to protect confidential information exchanged between competent authorities, such as encryption and access control.

Domestic Coordination Mechanisms

Antigua and Barbuda has established a National Oversight Committee on Financial Action (NOCFA) to review and approve changes to AML/CFT policies and activities.

Compliance with Revised Recommendations

The country has complied with revised recommendations from the Financial Action Task Force (FATF), including those related to:

• Cooperation and Coordination: Between relevant authorities, ensuring effective collaboration in combating money laundering and terrorist financing.
• Data Protection: Ensuring that personal data is protected and handled in accordance with privacy rules.
• Privacy Rules: Complying with international standards for protecting individual privacy.

Minor Shortcomings

While Antigua and Barbuda has made significant progress, there are some minor shortcomings, including:

• Lack of Written Formal Policies: Certain competent authorities lack written formal policies for providing feedback on AML/CFT matters.

Conclusion

Overall, the report suggests that Antigua and Barbuda has made significant progress in implementing AML/CFT policies and procedures. However, there are still some areas for improvement to ensure complete compliance with international standards.