Financial Crime World

Anguilla: The Caribbean’s Vigilant Guard against Money Laundering and Terrorist Financing

Anguilla, the beautiful island pearl of the Caribbean, is reinforcing its efforts to combat money laundering and terrorist financing, aligning with the international standards set by the Financial Action Task Force (FATF).

Anguilla’s Commitment to International Obligations

Anguilla remains steadfast in its mission to prevent and detect these illicit financial activities, boasting legislation and regulations that not only meet but often surpass FATF recommendations.

To uphold these international obligations, Anguilla has established a robust legal framework against money laundering and terrorist financing. Key components of this framework include the following:

  1. Proceeds of Crime Act (POCA): Passed in 2009, POCA introduced clear rules for financial institutions and non-profit organizations, as outlined in Schedule 2 of the AML/CFT Regulations.
  2. Anti-Money Laundering and Terrorist Financing Regulations (AML/CFT Regulations): Complementing POCA, AML/CFT Regulations provide additional guidance for financial institutions and non-profit organizations regarding the prevention of money laundering and terrorist financing.
  3. Anti-Money Laundering and Terrorist Financing Code: This code further bolsters Anguilla’s legal framework by providing a comprehensive guide on how to implement the necessary measures against financial crimes.

POCA’s Impact on Financial Institutions and Non-profits

POCA and its associated legislation impose specific obligations on financial institutions and non-profit organizations, requiring the following:

  • Customer Due Diligence: KYC (Know Your Customer) procedures, including customer identification, verification of identity, and ongoing monitoring of transactions.
  • Suspicious Transaction Reporting: Financial institutions and non-profit organizations are required to report any suspicious transaction to the Financial Intelligence Agency (FIU) without delay.
  • Record-Keeping: Financial institutions and non-profit organizations must maintain detailed transaction records for at least 5 years.
  • Training: Regularly train staff on anti-money laundering and terrorist financing policies, procedures, and risks.

Conclusion

Anguilla’s comprehensive legislative framework is a testament to its unwavering commitment to rooting out financial crimes. For more information on Anguilla’s financial crime prevention measures, please visit the Caribbean Financial Action Task Force.