Financial Crime World

Antigua and Barbuda Falls Short on Financial Crime Reporting Requirements

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The Financial Action Task Force (FATF) has released its 2021 Follow-Up Report for Antigua and Barbuda, revealing areas of improvement in the country’s efforts to combat financial crime.

Overall Compliance Status

Antigua and Barbuda is largely compliant with FATF Recommendations R.1-10, covering:

  • Assessing risk and applying a risk-based approach
  • National cooperation and coordination
  • Money laundering offense
  • Confiscation and provisional measures
  • Terrorist financing offense
  • Targeted financial sanctions related to terrorism and terrorist financing
  • Targeted financial sanctions related to proliferation
  • Non-profit organizations
  • Financial institution secrecy laws

However, the country falls short in several areas:

Partial Compliance (PC)

  • Recommendations R.6-7: Targeted financial sanctions related to terrorism and terrorist financing
  • Recommendation R.8: Non-profit organizations

Non-Compliance (NC)

  • Recommendation R.8: Non-profit organizations

Areas for Improvement

Antigua and Barbuda still needs to improve its implementation of the following recommendations:

  • Recommendations R.16-22:
    • Wire transfers
    • Reliance on third parties
    • Internal controls and foreign branches and subsidiaries
    • Higher-risk countries
    • Reporting of suspicious transactions
    • Tipping-off and confidentiality
    • DNFBPs customer due diligence
    • Transparency and beneficial ownership of legal persons

Progress Made

The country has made some progress in implementing other recommendations:

  • Recommendations R.13-15:
    • Correspondent banking
    • Money or value transfer services
    • New technologies

Conclusion

Antigua and Barbuda’s shortcomings in implementing the FATF Recommendations highlight the need for continued improvement in its efforts to combat financial crime. The government of Antigua and Barbuda must take concrete steps to address these issues and ensure that it is fully compliant with international standards.