Financial Crime World

Title: Anguilla Strengthens Financial Crime Regulations: An Overview of Recent Legislation

Introduction

Anguilla, a leading financial services jurisdiction in the Caribbean, has been actively implementing new regulations to enhance its anti-money laundering (AML) and counter-terrorist financing (CTF) framework. Over the past few years, the Financial Services Commission (FSC) of Anguilla has issued numerous legislations, regulations, and codes to boost financial crime prevention. In this article, we provide an overview of Anguilla’s recent regulatory updates.

Digital Assets Regulation

Anguilla’s legislative landscape has seen significant progress in digital asset regulation. The Digital Asset Business Act, 2023 was introduced to regulate digital asset businesses and exchanges in the island nation. Additionally, the Anguilla Utility Token Offerings regulations have undergone several amendments and additions in 2020 and 2018.

AML/CTF Regulations

The FSC of Anguilla has been consistently revising and enhancing its AML/CTF regulations, as follows:

  • Anti-Money Laundering and Terrorist Financing (Amendment) Code, 2023
  • Proceeds of Crime (Amendment), 2023
  • Anti-Money Laundering and Terrorist Financing (Amendment) Regulations, 2023
  • Externally and Non-Regulated Service Providers (Amendment) Regulations, 2022

Other Key Legislation

Additionally, the following acts have seen amendments:

  • Trusts Act
  • Trusts Companies and Offshore Banking Act
  • Company Management Act

Other notable updates include:

  • Co-operative Societies Regulations
  • Insurance (Amendment) Regulations

Beneficial Ownership and Commercial Registry

An essential piece of legislation for commercial entities is the Business Companies (Amendment) Act, 2023. This regulation focuses on the Commercial Registry and Beneficial Ownership and Registration System. It aims to support the implementation of beneficial ownership transparency and bolster Anguilla’s commitment to international financial standards.

Conclusion

These updates reflect Anguilla’s ongoing dedication to maintaining a robust, secure, and dynamic financial services sector that complies with international regulatory requirements. By adhering to the latest AML/CTF regulations, Anguilla continues to preserve its reputation as a trustworthy and respected global financial hub.