Financial Crime World

Financial Sanctions and Penalties in Antigua and Barbuda: A Review

The Financial Action Task Force (FATF) has been monitoring the implementation of anti-money laundering and combating terrorist financing measures in various countries, including Antigua and Barbuda. The FATF’s latest report provides an assessment of the island nation’s compliance with international standards.

Assessment Ratings

Overview of Assessment Ratings

Antigua and Barbuda has received mixed ratings from the FATF, reflecting both progress and areas for improvement.

Compliance Status

The country is considered:

  • Largely Compliant (LC) in:
    • National cooperation and coordination (R.2)
    • Money laundering offence (R.3)
    • Targeted financial sanctions related to terrorism and terrorist financing (R.6)
  • Partially Compliant (PC) in:
    • Confiscation and provisional measures (R.4)
    • Terrorist financing offence (R.5)
    • Customer due diligence (R.10)
    • Record keeping (R.11)
    • Politically exposed persons (R.12)
    • Correspondent banking (R.13)
    • Money or value transfer services (R.14)
  • Non-Compliant (NC) in:
    • Transparency and beneficial ownership of legal persons (R.24)
    • Legal arrangements (R.25)
    • Regulation and supervision of DNFBPs (R.28)
    • DNFBPs: other measures (R.23)

Key Findings

Areas for Improvement

The FATF report highlights several key findings, including:

  • Antigua and Barbuda needs to improve its confiscation powers and procedures.
  • The country should establish a comprehensive customer due diligence regime for all financial institutions.
  • There is a need for greater transparency in the beneficial ownership of legal persons and arrangements.

Recommendations

Improving Compliance

The FATF has made several recommendations to Antigua and Barbuda, including:

  • Strengthening its confiscation powers and procedures.
  • Establishing a comprehensive customer due diligence regime for all financial institutions.
  • Improving transparency in the beneficial ownership of legal persons and arrangements.

By addressing these issues, Antigua and Barbuda can improve its compliance with international standards and reduce the risks associated with money laundering and terrorist financing. The FATF will continue to monitor the country’s progress and provide feedback on its implementation of these recommendations.