Antigua and Barbuda Makes Progress in Maintaining Confidentiality and Document Records

Enhancing Anti-Money Laundering and Combating Terrorism Regime

In a significant move to strengthen its anti-money laundering (AML) and combating the financing of terrorism (CFT) regime, Antigua and Barbuda has made notable progress in maintaining confidentiality and document records. The country’s Financial Services Regulatory Commission (FSRC), Revenue Protection Force and Customs Authority (RPFAB), International Revenue Department (IRD), and other competent authorities have implemented measures to safeguard the confidentiality of information exchanged between them.

Progress Made

According to a recent report, Antigua and Barbuda has made significant strides in addressing deficiencies identified in its previous Mutual Evaluation Report (MER). While there are some minor shortcomings in relation to written formal policies for providing feedback by certain authorities, the country has established a domestic mechanism for the exchange of information, which was previously lacking.

Key Improvements

• Establishment of Domestic Mechanism: The National Oversight Committee on Financial Action (NOCFA) has established an MMOU among its members, requiring them to keep all non-public information related to cooperation arrangements or information exchange confidential.
• Revised National AML/CFT Policy: Antigua and Barbuda has revised its national AML/CFT policy to ensure compatibility with data protection and privacy rules. The country’s Data Protection Act provides security of personal data and prescribes the purposes and circumstances for which personal data may be disclosed.
• Establishment of National Anti-Money Laundering Oversight Committee: NOCFA, formerly known as NAMLOC, is responsible for reviewing and approving changes to AML/CFT policies. The committee operates at both policy and operational levels and has the mandate to deal with matters of cooperation, coordination, and exchange of information domestically.

International Recognition

Antigua and Barbuda’s progress in maintaining confidentiality and document records has been recognized by international authorities, including the Financial Action Task Force (FATF). The country’s compliance with revised requirements under Recommendation 2 has been rated largely compliant, demonstrating its commitment to strengthening its AML/CFT regime.

Conclusion

Overall, Antigua and Barbuda’s efforts to enhance transparency and cooperation in combating money laundering and terrorist financing are a positive step forward for the country. The country’s progress demonstrates its commitment to maintaining confidentiality and document records while enhancing its AML/CFT regime.