Financial Crime World

Anguilla’s Financial Services Commission: Combatting Money Laundering and Financial Crimes

Background and Functions

The Financial Services Commission (FSC), Anguilla’s regulatory body, was established on November 26, 2003, under the Financial Services Commission Act. Its inception on February 2, 2004, brought the island nation in line with international financial standards.

Key Responsibilities:

  • Supervising financial services licensees
  • Processing and granting license/registration applications
  • Enforcing Anti-Money Laundering (AML) Regulations
  • Monitoring unlicensed financial activities
  • Administering financial services laws
  • Evaluating regulatory frameworks
  • Advising government officials
  • Encouraging professional industry standards
  • Collaborating with international regulatory bodies
  • Providing public information
  • Developing the financial services sector

Essential Functions

  1. Supervising financial services licensees: Ensuring adherence to laws, regulations, and codes.
  2. Processing and granting license/registration applications: Fulfilling due diligence procedures.
  3. Enforcing Anguilla’s Anti-Money Laundering (AML) Regulations: Establishing guidelines or issuing codes.
  4. Monitoring unlicensed financial activities: Taking actions against offenders.
  5. Administering financial services laws: Overseer Registry Acts executed by the Registrar of Companies.
  6. Evaluating the effectiveness of regulatory frameworks.
  7. Advising government officials on financial services matters.
  8. Encouraging professional industry standards.
  9. Collaborating with international regulatory bodies.
  10. Providing public information: Regular updates and campaigns.
  11. Developing the financial services sector: Supporting sustainable growth.

Administrative Obligations and Powers

In addition to its primary functions, the FSC holds significant administrative powers and obligations:

  1. Appointing a Board: Overseeing its operations.
  2. Exercising general powers: Managing funds and resources.
  3. Managing the funds and resources of the Commission: Preparing annual budgets, accounts, and reports.
  4. Gathering regulatory information: Enforcing disclosure to regulatory bodies.
  5. Imposing disciplinary actions or enforcement measures: Against delinquent institutions.
  6. Creating an Appeals Board: Resolving disputes.
  7. Managing conflicts of interest: Ensuring impartiality.
  8. Issuing Regulations, Codes, and Guidance Notes.

Conclusion

Through its commitment to maintaining a secure and compliant financial services environment, Anguilla’s Financial Services Commission continues to combat money laundering and financial crimes, positioning the country as an international player in the financial world.