Financial Crime World

Antigua and Barbuda Achieves High Praise for AML Compliance from CFATF

CFATF Report Highlights Significant Progress in Combating Money Laundering and Terrorist Financing

The Caribbean Financial Action Task Force (CFATF) has released a report that commends Antigua and Barbuda for its efforts to combat money laundering and terrorist financing. The 2018 Mutual Evaluation Report provides a comprehensive assessment of the country’s Anti-Money Laundering (AML)/Countering the Financing of Terrorism (CFT) measures, highlighting significant progress made since the last evaluation in 2007.

Key Findings and Recommendations

Strong National AML/CFT Policy

  • Antigua and Barbuda’s national AML/CFT policy demonstrates a reasonable understanding of the risks posed by money laundering and terrorist financing.
  • The policy has been updated to reflect current international standards and best practices.

Financial Sector Examiners Praised for Expertise and Awareness

  • Financial sector examiners in Antigua and Barbuda have been commended for their high level of respect and expertise.
  • There is a notable improvement in awareness of ML/TF risks among banking sector professionals.

Areas for Improvement Identified

  • Enhance the identification of vulnerable Non-Profit Organizations
  • Increase awareness among lawyers of AML/CFT obligations
  • Implement annual reports on beneficial ownership of entities

Financial Intelligence Unit Praised for Accessibility and Analysis

  • The Financial Intelligence Unit (FIU) has been praised for its accessibility of financial intelligence and other information analyzed and generated.
  • While civil forfeiture cases are well-investigated with numerous successful orders granted by the court, the report notes that the mechanism for criminal confiscation is not being fully utilized.

Commitment to International Cooperation

  • Antigua and Barbuda has demonstrated a commitment to international cooperation, providing timely mutual legal assistance and extradition to other countries.
  • However, the CFATF examiners recommend greater prioritization in this area.

Notable Progress Since 2007

  • Over 30 areas of weakness identified at that time have been reduced to just eight areas requiring significant improvement.
  • 32 areas of the AML/CFT infrastructure have reached levels of “compliant” or “largely compliant.”

Recommendations for Further Strengthening AML/CFT Framework

  • Create a serious offenses court
  • Increase money laundering prosecutions
  • Conduct stronger risk-based examinations of financial institutions
  • Provide measures to assist financial institutions and non-financial businesses and professions to better understand their ML/TF risks