Antigua and Barbuda Scores High in Fight Against Money Laundering and Terrorist Financing, Report Reveals

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The Caribbean Financial Action Task Force (CFATF) has released its 2018 Mutual Evaluation Report, praising Antigua and Barbuda’s progress in implementing its anti-money laundering and combating the financing of terrorism (AML/CFT) system.

Significant Strides in Understanding Risks

The report highlights that Antigua and Barbuda has made significant strides in understanding the risks posed by money laundering and terrorist financing. Financial sector examiners were commended for their high level of expertise, and the banking sector was found to have a good grasp of ML/TF risks.

Areas for Improvement

However, the report also identified areas where improvement is needed:

• Identification of vulnerable non-profit organizations
• Lack of awareness among lawyers about their AML/CFT obligations

Strong Performance by Financial Intelligence Unit (FIU)

The FIU was praised for its accessibility and analysis of financial intelligence. Civil forfeiture cases were found to be well-investigated, with successful orders granted by the court.

Criminal Confiscation Mechanism

However, the report noted that the mechanism for criminal confiscation is not being fully utilized.

Commendable Progress in Mutual Legal Assistance and Extradition

Antigua and Barbuda was commended for its timely provision of mutual legal assistance and extradition to other countries. However, greater prioritization was recommended.

Significant Improvements Since 2007 Assessment

The report highlighted significant improvements since the country’s previous assessment in 2007, when over thirty areas were identified as having significant weaknesses. This year, only eight areas require significant improvement.

Recommendations for Further Strengthening AML/CFT System

CFATF examiners recommended several actions to further strengthen Antigua and Barbuda’s AML/CFT system:

• Creation of a serious offenses court
• Increased money laundering prosecutions
• Stronger risk-based examinations of financial institutions
• Measures to assist financial institutions and non-financial businesses and professions in better understanding their ML/TF risks

Conclusion

The report is seen as a major achievement for Antigua and Barbuda, demonstrating its commitment to combating money laundering and terrorist financing. The country’s progress will be closely monitored by the CFATF and other international bodies to ensure continued compliance with global standards.