Financial Crime World

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Financial Crime Trends in Antigua and Barbuda: A Review of 2022

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Antigua and Barbuda, a small island nation in the Caribbean, has faced its share of financial crime challenges in recent years. In its latest follow-up report to the Financial Action Task Force (FATF), the country received mixed ratings on its implementation of anti-money laundering and combating the financing of terrorism (AML/CFT) measures.

Progress Made

According to the report, Antigua and Barbuda demonstrated significant progress in several areas:

  • Assessment of Risk and Application of a Risk-Based Approach: The country was found to be largely compliant with FATF recommendations.
  • National Cooperation and Coordination: Antigua and Barbuda has made efforts to improve national cooperation and coordination in combating financial crime.
  • Regulation and Supervision of Financial Institutions: The country has implemented measures to regulate and supervise financial institutions effectively.

Challenges Remain

However, there were also some areas where Antigua and Barbuda fell short:

  • Transparency and Beneficial Ownership of Legal Persons and Arrangements: Concerns remain regarding the transparency and beneficial ownership of legal persons and arrangements.
  • Regulation and Supervision of Designated Non-Financial Businesses and Professions (DNFBPs): The country was found to be partially compliant with FATF recommendations, indicating that it still needs to improve its laws and regulations.

Measures Implemented

Despite these challenges, Antigua and Barbuda has taken steps to address financial crime:

  • Enhanced Customer Due Diligence: The country has implemented measures to enhance customer due diligence.
  • Record Keeping and Reporting of Suspicious Transactions: Antigua and Barbuda has strengthened its record keeping and reporting of suspicious transactions.

Commitment to International Cooperation

The report also noted that Antigua and Barbuda has demonstrated a commitment to international cooperation, strengthening its relationships with other countries in the region.

Conclusion

Overall, while there are areas where Antigua and Barbuda needs to improve, the country’s efforts to combat financial crime are encouraging. As it continues to implement FATF recommendations, Antigua and Barbuda is likely to remain a key player in regional efforts to tackle money laundering and terrorist financing.