Financial Crime World

Financial Sanctions Reporting Requirements in Anguilla: A Compliance Guide

What are Financial Sanctions?

  • Restrictions set by the United Nations (UN) or the UK government to achieve foreign policy or national security objectives
  • Can take various forms, including asset freezes, travel bans, and financing restrictions
  • The Governor is responsible for implementing and enforcing domestic financial sanctions
  • Implements sanctions on behalf of other jurisdictions when required

Role of the Financial Intelligence Unit (FIU)

  • Supports the Governor and the Attorney General’s Chambers in carrying out functions related to sanctions
  • Receives and investigates reports regarding potential sanctions breaches
  • Raises awareness of financial sanctions and compliance responsibilities
  • Engages with UK competent authorities

What Constitutes ‘Funds’ Under Anguilla’s Financial Sanctions Regime?

  • Financial assets and economic benefits of any kind, whether from a legitimate or illegitimate source
  • Includes cryptocurrencies, physical assets, debts, and derivatives contracts

Suspected Attempts to Circumvent Financial Sanctions

  • Report suspicious activities to the FIU
  • Submit a completed compliance reporting form according to reporting obligations

Prohibition on Making Funds or Economic Resources Available

  • General prohibition against directly or indirectly putting funds or assets at the disposal of listed individuals or entities

Provision of Financing or Financial Assistance

  • Covers any disbursement or commitment to disburse one’s own funds or economic resources
  • Includes loans, guarantees, or letters of credit

Screening Against Sanctions Watchlists

  • Businesses must identify clients who may be designated persons under sanctions restrictions
  • Robust procedures required, proportionate to the size and nature of the practice
  • Sanctions, Politically Exposed Persons (PEPs), and adverse media screening tools and solutions recommended

Purposes of Targeted Financial Sanctions

  • Coerce or constrain offending behavior
  • Increase costs of offending behavior
  • Restrict access to key resources
  • Send political messages

Compliance Report Filed to the FIU in Anguilla

  • Include the name and address of the designated person or entity
  • Nature and date of the suspected transaction
  • Type and identifying information about the property
  • Details of any documentary or other evidence used to establish the identity of involved parties
  • Provide details about the person or entity preparing and submitting the report

Finding out Who Has Been Sanctioned

  • No sanctions list maintained by Anguilla
  • Use up-to-date, reliable sources like UN Security Council lists and the UK Sanctions List

Freezing Requirements

  • Persons and reporting entities required to hold or freeze funds without delay and prior notice
  • Reporting entities may receive payments for loan or financing
  • Approval from the Governor required for legal action or court processes against designated persons or entities

Grounds for a Specific License

  • Covering expenses such as food, rent, medicines, legal fees, or pre-existing judicial decisions
  • In extraordinary cases, humanitarian assistance, diplomatic missions, or where considered appropriate for non-UN listed persons

De-Listing or Unfreezing for Individuals and Entities

  • Individuals and entities may apply for de-listing if no longer meet the criteria or inadvertently affected
  • Send requests to the Governor
  • Upon successful de-listing, prohibition and freezing provisions no longer apply

Requesting Assistance

  • Affected parties may write to the Governor through the FIU for help with resolving problems