Antigua and Barbuda Takes Steps to Detect Financial Crime

The government of Antigua and Barbuda has launched a comprehensive initiative to shield its financial system from transactions linked to crime, emphasizing the importance of cooperation between regulatory authorities and financial institutions.

A Comprehensive Approach to Combating Financial Crime

At the heart of this effort is the newly established Financial Compliance Unit (FCU), which oversees the implementation of Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) policies within the country’s financial sector. The FCU’s primary role includes:

• Conducting regular examinations of financial institutions to assess their AML/CFT programs
• Providing feedback and assistance where necessary

Offsite Monitoring and Reporting

In addition to these on-site evaluations, the FCU also engages in offsite monitoring to ensure that all financial institutions submit required reports in a timely manner. These reports are critical in evaluating the effectiveness of each institution’s AML/CFT policies and procedures.

Schedules for Financial Institutions

Financial institutions listed under Schedule 1 of the Money Laundering (Prevention) Act must conduct an annual assessment of their AML/CFT programs, submitting Terrorist Property reports on a quarterly basis. Those catalogued in Schedule 2 are required to submit additional annual Audit Review Reports.

Key Responsibilities of the FCU

The FCU plays a pivotal role in this process by conducting thorough examinations, providing remedial feedback, and assisting institutions with training on AML/CFT practices. Key aspects of the FCU’s responsibilities include:

• Conducting comprehensive examinations to evaluate an institution’s money laundering prevention program
• Monitoring institutions for timely submission of required reports
• Offering assistance in AML/CFT training workshops