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Antigua and Barbuda Cracks Down on Money Laundering with Tough New Laws

The Office of National Drug and Money Laundering Control Policy in Antigua and Barbuda has announced a major overhaul of its anti-money laundering (AML) regulations, aimed at tackling the growing threat of financial crime in the region.

New AML Regime to Strengthen Measures Against Financial Crime

According to officials, the new laws will strengthen existing measures to prevent and detect money laundering and terrorist financing activities. The updated AML regime is expected to bring the country into line with international standards set by the Financial Action Task Force (FATF).

New Requirements for Financial Institutions

Under the new rules, financial institutions, including:

• Banks
• Casinos
• Other businesses that deal in cash or high-value transactions

will be required to implement robust customer due diligence procedures, conduct regular risk assessments, and report suspicious transactions to the authorities.

Implementation and Oversight

The Office of National Drug and Money Laundering Control Policy has been tasked with overseeing the implementation of the new laws, which are expected to come into effect later this year. The agency will work closely with financial institutions and other stakeholders to ensure a smooth transition.

Boost for Antigua and Barbuda’s Reputation

The move is seen as a major boost for Antigua and Barbuda’s efforts to combat money laundering and maintain its reputation as a responsible financial center. The country has been working hard to address concerns raised by the FATF, which had previously identified several areas of concern in the country’s AML regime.

Expected Outcomes

With the new laws in place, Antigua and Barbuda is expected to become a more attractive destination for international investors and businesses, while also providing greater protection for its citizens and the wider financial community.