Financial Crime World

Enhancing Assistance in Document and Record Maintenance: Antigua and Barbuda’s Progress

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The government of Antigua and Barbuda has made significant strides in improving its assistance to international organizations and agencies in maintaining confidentiality for requests for cooperation and information exchange.

Improved Measures for Confidentiality

The country’s Financial Services Regulatory Commission (FSRC), Revenue Protection and Fiscal Affairs Bureau (RPFAB), International Revenue Department (IRD), and Customs have implemented measures to safeguard the confidentiality of information exchanged with foreign counterparts. These measures include:

  • Controlled access to databases through encryption and password protection for personnel.
  • Ability to exchange information domestically available to them, including information held by financial institutions, proportionate to their respective needs.

Enhanced Cooperation and Coordination

Antigua and Barbuda’s financial supervisors are empowered to exchange information with foreign counterparts. The Mutual Legal Assistance in Criminal Matters Act (MLPA) authorizes the Office of National Drug and Crime Prevention (ONDCP) as the supervisory authority for all financial institutions except domestic banks to request information held by financial institutions.

Progress Made

The country has made significant progress in addressing deficiencies noted in its previous report. This includes:

  • Establishing written formal policies for providing feedback by the RPFAB, ECCB, and Customs.
  • The RPFAB now has a formal policy for exchanging information.
  • Establishment of the National Oversight Committee on Financial Action (NOCFA) to review the national AML/CFT Policy and ensure compliance with international standards.

Recognition from FATF

The country’s efforts have been recognized by the Financial Action Task Force (FATF), which amended several recommendations following Antigua and Barbuda’s submission of its Fourth Round Mutual Evaluation Report. The country is now largely compliant with Recommendation 2, which requires countries to have cooperation and coordination between relevant authorities to ensure compatibility of AML/CFT requirements with data protection and privacy rules.

Conclusion

Antigua and Barbuda’s efforts demonstrate its commitment to strengthening its anti-money laundering and combating the financing of terrorism (AML/CFT) regime and improving international cooperation in these areas. The country’s Data Protection Act provides security of personal data and prescribes the purposes and conditions for the processing of such data.

References

  • Financial Action Task Force (FATF)
  • Mutual Legal Assistance in Criminal Matters Act (MLPA)
  • National Oversight Committee on Financial Action (NOCFA)