Anguilla Cracks Down on Financial Crime: A Look at the Island Nation’s Anti-Money Laundering and Counter-Terrorist Financing Measures
Anguilla, the Caribbean island known for its tranquil beaches and idyllic lifestyle, is making remarkable strides in the fight against financial crime. The island’s commitment to international standards in preventing and detecting money laundering and terrorist financing was recently reaffirmed.
Anguilla’s Commitment to International Standards
- Anguilla’s efforts to combat money laundering and terrorist financing align with the demands of the Financial Action Task Force (FATF)
- The FATF Recommendations establish minimum standards for such activities
Legal Framework to Combat Financial Crimes
Proceeds of Crime Act (POCA)
- POCA was enacted in 2009
- Extends to cover all financial service providers and non-profit organizations
Anti-Money Laundering and Terrorist Financing Regulations and Code
- AML/CFT Regulations and Code supplement POCA
- Bolster Anguilla’s legal foundations in combating financial crimes
Schedule 2 of the AML/CFT Regulations
- Lists subsidiary laws that underline Anguilla’s commitment to implementing the FATF Recommendations
Importance of Anguilla’s Proactive Stance
- Critical in today’s interconnected global economy
- Safeguards the island’s financial system
- Contributes to broader efforts to eliminate financial crime worldwide