Financial Crime World

FinCEN-like Agency in Antigua and Barbuda: The Financial Intelligence Unit’s War on Money Laundering and Terrorist Financing

antigua and Barbuda’s Financial Intelligence Unit (FIU) is leading the nation’s charge against financial crimes, including money laundering and terrorist financing. overseen by the Office of National Drugs and Crime Prevention (ONDCP), the FIU functions as the country’s central financial intelligence agency.

Role of the Financial Intelligence Unit

Similar to the U.S. Financial Crimes Enforcement Network (FinCEN), the Antiguan FIU:

  1. Receives, analyzes, and disseminates financial intelligence from suspicious activity reports (SARs) submitted by financial institutions. (Section 11 (i) of the Money Laundering (Prevention) Act 1996)
  2. Adds value to criminal investigations by providing intelligence on the “money trail.”
  3. Receives mutual legal assistance requests.
  4. Issues guidelines to financial institutions.
  5. Provides training to financial institutions.
  6. Supervises the implementation of all anti-money laundering/countering the financing of terrorism (AML/CFT) laws, regulations, and guidelines.

Suspicious Activity Reports (SAR)

Under Section 13 (2) of the Money Laundering (Prevention) Act, financial institutions must report any suspected money laundering activity to the FIU promptly. Reports are handled with complete confidentiality, not shared with third parties, and are thoroughly reviewed and analyzed for potential further investigation.

Anti-Money Laundering and Counter-Terrorist Financing Guidelines

The FIU issues periodic guidelines under the Money Laundering (Prevention) Act to outline local requirements and international best practices in AML/CFT compliance.

Combating the Financing of Terrorism

The FIU also focuses on combatting the financing of terrorism, mandating financial institutions to submit quarterly Form 1a or Form 1b reports under the Prevention of Terrorism Act, 2005.

Training for Financial Institutions

The FIU offers training methods, including workshops, group training, institutional training, and one-on-one training for compliance officers, management, and reporting individuals, to help financial institutions meet their obligations under AML/CFT laws.

List of Financial Institutions

Please refer to the Money Laundering (Prevention) (Amendment of First Schedule) Order 2009 for a comprehensive list of financial institutions subject to AML/CFT regulations in Antigua and Barbuda.

International Cooperation

Collaboration with international organizations is integral to the FIU’s mission. The FIU has established working relationships with organizations, including the Egmont Group, CFATF, SOCA, and other regional and international financial intelligence units, to develop effective countermeasures against money laundering and terrorist financing.