Financial Crime World

Anguilla’s Financial Intelligence Unit: Combating Money Laundering and Financial Crimes

Background

The Caribbean island nation of Anguilla, a member of the Caribbean Financial Action Task Force (CFATF) since 2000, has been actively addressing international and domestic money laundering through a series of legislative measures.

  • Anguilla passed the Proceeds of Criminal Conduct Act in 2000, later replaced by the Proceeds of Crime Act (POCA) in 2009
  • The Money Laundering Reporting Authority (MLRA) delegated its daily functions and responsibilities to a specialized unit within the Royal Anguilla Police Force (RAPF) called the Financial Intelligence Unit (FIU)

Role and Functions of Anguilla’s FIU

The Financial Intelligence Unit (FIU) plays a crucial role in intelligence sharing and the investigation of financial crimes.

  • Central office that analyzes financial reports concerning suspicious activities within Anguilla’s jurisdiction
  • Discloses information to appropriate government authorities or law enforcement agencies to support national anti-money laundering initiatives
  • Member of the international intelligence network known as the Egmont Group, with direct communication with other FIUs worldwide

Challenges and Improvements

  • The FIU received an average of three suspicious activity reports per month in 2010 but noted gaps in reporting from certain industries
  • The Financial Services Commission began rolling out new guidelines and regulations for Designated Non-Financial Businesses and Professions (DNFBPs) in 2011
  • POCA, 2009 mandates that these entities report all suspicious financial transactions to the FIU
  • Failure to do so could lead to criminal charges and severe penalties

Success Stories

  • The FIU brought fourteen money laundering charges in 2010 and continued investigating several others
  • Successful money laundering case jointly investigated by Anguilla’s FIU and Danish legal authorities in 2008/09 resulted in the confiscation and forfeiture of US$550,000 to each country’s national forfeiture fund

Future Plans

  • Considering a new proposal to enhance FIU’s capacity by adding additional trained personnel to handle more cases and remove more profits from the hands of criminals.