Antigua and Barbuda Boosts AML/CFT Efforts
A recent assessment by international authorities has revealed significant progress in Antigua and Barbuda’s efforts to combat money laundering and terrorist financing.
Strengthening Confidentiality of Information Exchange
According to a report released yesterday, the country has made substantial strides in implementing measures to ensure the confidentiality of information exchanged between competent authorities. The Financial Services Regulatory Commission (FSRC), the Royal Police Force of Antigua and Barbuda (RPFAB), the Inland Revenue Department (IRD), and Customs have all put in place safeguards to protect sensitive information, including:
- Controlled access to databases through encryption
- Password protection
Addressing Minor Shortcomings
The report noted that while there were some minor shortcomings in the country’s AML/CFT framework, these were largely addressed by subsequent changes made since the adoption of the Mutual Evaluation Report (MER).
Enhancing National AML/CFT Policy and Mechanisms
Notably, Antigua and Barbuda has revised its National AML/CFT Policy to ensure compatibility with data protection and privacy rules. The country has also established a domestic mechanism for the exchange of information between relevant authorities.
Confidentiality Agreements and MOUs
The report highlighted the establishment of a Memorandum of Understanding (MOU) among members of the National Oversight Committee on Financial Action (NOCFA), which requires all parties to keep non-public information related to cooperation arrangements or information exchange confidential.
Significant Revisions to AML/CFT Policies
Antigua and Barbuda has also made significant changes to its AML/CFT policies since 2017, including revisions to the Proceeds of Crime Act (PCA) regarding the financing or proliferation of weapons of mass destruction.
International Recognition
The country’s progress was praised by international authorities, who noted that Antigua and Barbuda is now largely compliant with Recommendation 2 of the Financial Action Task Force (FATF), which requires countries to have cooperation and coordination between relevant authorities to ensure compatibility of AML/CFT requirements with data protection and privacy rules.
Conclusion
Overall, the report concluded that Antigua and Barbuda has made significant progress in strengthening its AML/CFT framework, demonstrating a commitment to combating money laundering and terrorist financing.