Financial Crime World

Anguilla Cracks Down on Financial Crime: Compliance with FATF Recommendations and Anti-Money Laundering Regulations

Anguilla, a beautiful Caribbean island, is recognized not only for its stunning beaches and turquoise waters but also for its commitment to upholding international standards in the prevention and detection of money laundering and terrorist financing.

International Obligations and FATF Recommendations

Anguilla’s government is dedicated to adhering to the international obligations set by the Financial Action Task Force (FATF). These standards, known as the FATF Recommendations, aim to establish a global framework for countering money laundering and terrorist financing.

A Robust Response: AML/CFT Legislation

Anguilla has proactively responded to these international obligations by enacting a comprehensive anti-money laundering (AML) and counter-terrorist financing (CFT) legislative framework. The following legislation strengthens Anguilla’s defenses against financial crimes:

  1. Proceeds of Crime Act (POCA): Enacted in 2009, POCA is a crucial component in Anguilla’s financial crime prevention strategy.
  2. Anti-Money Laundering and Terrorist Financing Regulations (AML/CFT Regulations): These regulations support POCA in enforcing AML/CFT measures.
  3. Anti-Money Laundering and Terrorist Financing Code: Established to provide guidelines and best practices for implementing AML/CFT measures.

Coverage and Impact: Subsidiary Legislation

Schedule 2 of the AML/CFT Regulations lists the following entities under Anguilla’s AML/CFT legislation:

  • All financial service providers
  • Non-profit organizations

These entities must comply with stringent AML/CFT measures to safeguard Anguilla’s financial system and shield it from potential harm.

A Leader in Global Efforts

By adhering to FATF Recommendations and implementing rigorous legislation, Anguilla aligns itself with other Caribbean nations dedicated to the Caribbean Financial Action Task Force (CFATF) objectives. These objectives include promoting AML/CFT compliance and maintaining international cooperation.

Building a Secure Financial Environment

Through its commitment to international AML/CFT standards and its robust legislative framework, Anguilla continues to create an accessible, sustainable, and secure financial environment for its residents and international partners.