Antigua and Barbuda’s Progress in Anti-Money Laundering and Combating the Financing of Terrorism

Exchange of Information: Enhancing International Cooperation

• Memoranda of Understanding (MOUs): The Financial Services Regulatory Commission (FSRC) has established MOUs with international authorities across Africa, Europe, North America, and the Caribbean.
• Provisions for Sharing Information: Each MOU includes provisions for seeking consent from requested authorities to share information and contains a section on “Permissible Uses and Confidentiality of Information”.

Progress in Compliance Ratings

Recommendation 2 (R.2): Fully Compliant

Antigua and Barbuda has upgraded its compliance rating from largely compliant (LC) to fully compliant with R.2, demonstrating significant progress in addressing deficiencies.

Recommendation 40 (R.40): Largely Compliant

The country has made notable strides in addressing non-compliance issues, earning a largely compliant rating for R.40.

Addressing Deficiencies and Implementing Domestic Mechanisms

• National Anti-Money Laundering Oversight Committee (NAMLOC): The committee was rebranded as the National Oversight Committee on Financial Action (NOCFA) to review the national AML/CFT policy.
• Domestic Mechanisms: Antigua and Barbuda has implemented domestic mechanisms for exchange of information, addressing deficiencies noted in the Mutual Evaluation Report (MER).

Key Policies and Procedures

Data Protection Act

The act provides security of personal data and outlines purposes and circumstances for disclosure.

MMOU on Confidentiality

An MMOU among members of the NOCFA ensures confidentiality of non-public information related to cooperation arrangements or information exchange.

Domestic Mechanisms for Information Exchange

A domestic mechanism is established through an MMOU providing cooperation and coordination between competent authorities.

Conclusion

Antigua and Barbuda has made substantial progress in addressing deficiencies noted in its Mutual Evaluation Report and is now largely compliant with international AML/CFT standards.