Financial Crime World

Anguilla’s Financial Intelligence Unit: Shining a Light on Money Laundering and Financial Crimes

Anguilla, the pearl of the Caribbean, is known for its stunning beaches, warm hospitality, and unwavering commitment to combating financial crimes. Since joining the Caribbean Financial Action Task Force (CFATF) in 2000, the island nation has implemented strict anti-money laundering (AML) measures.

The Financial Intelligence Unit (FIU) and Its Role

A vital part of Anguilla’s strategy against financial crimes is the Financial Intelligence Unit (FIU), a specialized unit under the Royal Anguilla Police Force (RAPF). Established in 2009, the FIU took on the daily functions and responsibilities of the Money Laundering Reporting Authority (MLRA) by the MLRA Board of Directors.

  • Analyzes suspicious financial activities reported from various sectors
  • Discloses intelligence to law enforcement agencies and government authorities
  • Facilitates information sharing among financial institutions and law enforcement
  • Protects innocent individuals’ interests

Anguilla’s FIU is a proud member of the Egmont Group, an international intelligence network that enhances communication and information sharing between FIUs worldwide.

Suspicious Activity Reports and Investigations

In 2010, the FIU received an average of three new suspicious activity reports (SARs) per month. Financially regulated institutions must report suspicious financial transactions to the FIU, as outlined in the Proceeds of Criminal Conduct Act (POCA), 2009. Despite the lower number of SARs in 2010 compared to the evaluation year of 2009, the FIU’s investigative branch, the Financial Investigation Unit, has taken actions against financial crimes.

  • Filed 14 money laundering charges in 2010
  • Several other money laundering investigations ongoing
  • Collaborated with Danish legal authorities on a joint investigation resulting in confiscation and forfeiture of $550,000 to each nation’s National Forfeiture Fund

The Proceeds of Criminal Conduct Act (POCA) empowers the police to bring money laundering charges against anyone who has benefited from criminal conduct. POCA outlines five offenses: concealing, disguising, converting, transferring, or removing criminal property from Anguilla.

DNFBPs must comply with new guidelines regarding suspicious financial transactions reporting to the FIU, coming into effect in 2011. Failure to do so may result in criminal charges, as outlined in the POCA, 2009.

Expanding the FIU’s Resources

The MLRA Board of Directors is considering a proposal to expand the FIU’s resources, which could significantly enhance its overall capacity to investigate and seize the proceeds of crime from criminals.