Financial Crime World

International Cooperation on Financial Crime Prevention in Antigua and Barbuda

Antigua and Barbuda has made significant strides in implementing global standards to prevent financial crimes, according to a recent assessment by international authorities. However, the country still faces challenges that require attention.

Progress Made in Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT)

  • The country has demonstrated a good understanding of the risks associated with money laundering and terrorist financing.
  • Effective national cooperation and coordination have been taken to mitigate these risks.
  • Antigua and Barbuda has achieved compliance in several key areas, including:
    • Regulation and Supervision of Financial Institutions (R.26)
    • Powers of Supervisors (R.27)
    • Financial Intelligence Units (R.29)
    • Responsibilities of Law Enforcement and Investigative Authorities (R.30)
    • Powers of Law Enforcement and Investigative Authorities (R.31)

Areas Requiring Improvement

  • Implementation of Targeted Financial Sanctions Related to Terrorism and Terrorist Financing (R.6): Partially Compliant
  • Regulation and Supervision of Designated Non-Financial Businesses and Professions (DNFBPs) (R.28): Compliant with Concerns
  • Extradition Arrangements (R.39): In Need of Improvement

Commitment to Enhance AML/CFT Framework

Antigua and Barbuda has committed to implementing additional measures to enhance its AML/CFT framework, which is expected to strengthen the country’s ability to prevent and combat financial crimes, protect its financial system, and maintain international cooperation.

The report acknowledges the progress made by Antigua and Barbuda in recent years and encourages continued efforts to address areas of concern. The island nation’s commitment to implementing global standards and best practices is a positive step towards ensuring the integrity and stability of its financial system.