Financial Crime World

Anguilla Strengthens AML/CFT Regulations: A Look at Recent Laws and Regulations

Anguilla, commonly known as the “Pearl of the Caribbean,” has gained recognition in the financial services industry for its strict regulatory framework. The Financial Services Commission (FSC) of Anguilla has actively amended and introduced new legislation to strengthen the jurisdiction’s Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) regulations. Here’s a breakdown of the recent changes:

Legislation

The FSC has amended various acts and regulations to keep up with the evolving financial landscape. Some of the notable legislation includes:

  • Financial Services Commission Act, 2018
  • Financial Services Enactments Regulations
  • Administrative Penalties Regulations, 2013
  • Fraudulent Dispositions Act
  • Integration of Registry into FSC (Prescribed Date) Regulations 2024, and others.

Digital Assets

Anguilla has become a pioneer in the Caribbean regarding digital currencies with the introduction of the Digital Asset Business Act, 2023. This act establishes a regulatory framework for the operation of Digital Asset Businesses, as well as Utility Token Offerings and Utility Token Exchanges.

The regulations that accompany these acts are:

  • Digital Asset Business Regulations, 2023
  • Anguilla Utility Token Offering Regulations
  • Anguilla Utility Token Offering Act, 2018

AML/CFT

Anguilla continues its commitment to combating financial crimes by strengthening its AML/CFT regulations. Some recent amendments and legislation are as follows:

  • Anti Money Laundering and Terrorist Financing (Amendment) Code, 2023
  • Anti Money Laundering and Terrorist Financing (Amendment) Regulations, 2023
  • Proceeds of Crime (Amendment), 2023
  • Proceeds of Crime (Amendment)(No.2) Act, 2023

The FSC also regulates Externally and Non-Regulated Service Providers through the Externally and Non-Regulated Service Providers (Amendment) Regulations 2022. The FSC already has regulations for Banking and Trusts, Company Management, Co-operative Societies, Insurance Companies, and Money Services Businesses, among others.

In summary, Anguilla’s Financial Services Commission has been actively updating its laws and regulations to ensure a robust regulatory framework for financial service providers on the island. These proactive measures not only benefit the local economy but also strengthen Anguilla’s reputation as a reputable financial services jurisdiction.