Financial Crime World

Title: Anguilla Strengthens AML Legislation: A New Regulatory Landscape for Financial Services

Anguilla’s Financial Services Commission (FSC) has been continuously updating its legislative framework to meet the evolving demands of the financial services sector. In this article, we provide an overview of some of the key pieces of legislation and regulations that have been enacted or amended in recent years, with a focus on Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) requirements.

Digital Assets

Anguilla has established a legal framework for utility tokens offerings and exchanges:

  • Anguilla Utility Token Offering and Utility Tokens Exchange Acts
  • Their respective regulations

These rules outline the application process, AML and Terrorist Financing requirements, and levy structures for digital assets. Regulations from 2018 and 2020 further amend and refine these rules.

AML/CTF

Anguilla’s anti-money laundering and counter-terrorist financing regulatory landscape has undergone several changes to strengthen the jurisdiction’s stance against financial crimes:

  • Anti-Money Laundering and Terrorist Financing (Amendment) Code
  • Proceeds of Crime Act
  • Various regulations

Externally and Non-Regulated Service Providers

Anguilla has updated its regulations governing externally and non-regulated service providers:

  • Externally and Non-Regulated Service Providers (Amendment) Regulations 2015 and 2022

These rules aim to bolster the jurisdiction’s anti-money laundering efforts.

Banking and Trusts

In the realm of banking and trusts:

  • Trust (Amendment) Act and Trust Companies and Offshore Banking (Amendment) Act (2023)
  • Trusts Act
  • Trust Companies and Offshore Banking Act
  • Their respective regulations and fees-related regulations

These regulations modernize the regulatory framework in the banking and trusts sector.

Company Management

The Company Management sector in Anguilla has seen updates in the form of the Company Management (Amendment) Act from 2021 and various regulations. This regulatory landscape is designed to ensure the highest standards of corporate governance and transparency.

Insurance Companies

Anguilla’s insurance sector regulations have been amended:

  • Insurance (Amendment) Regulations and Acts (2014 and 2018)

These regulations reinforce regulatory compliance and consumer protection.

Money Services Businesses

Money Services Businesses operating in Anguilla are subject to the Money Services Business Act and various regulations. These rules aim to prevent activities that could facilitate financial crimes, such as money laundering and terrorist financing.

Mutual Funds

The mutual funds sector in Anguilla falls under the Mutual Funds Act and its regulations. These requirements ensure that the operations of mutual funds comply with the highest standards of transparency, disclosure, and investor protection.

Non-Profit Organizations

Non-Profit Organizations in Anguilla are subject to the Non-Profit Organizations Regulations and the recently enacted Non-Profit Organizations (Amendment) Regulations from 2023.

Commercial Registry Legislation

Anguilla’s Commercial Registry Legislation has undergone significant changes:

  • Business Companies (Amendment) Act (2023)
  • Commercial Registry and Beneficial Ownership and Registration System (Amendment) Regulations (2023)

These regulations aim to enhance transparency and accountability within the business environment. Additionally, the Commercial Registry and Beneficial Ownership Registration System, Business Companies Act, and Business Companies Regulations from 2022 create a robust and modern regulatory framework for corporate structures in Anguilla.