ANTIGUA AND BARBUDA STEPS UP INTERNATIONAL COOPERATION ON FINANCIAL CRIME PREVENTION

Significant Progress in Implementing International Standards for Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT)

Antigua and Barbuda has made notable improvements in its efforts to combat financial crime, as revealed by the Caribbean Financial Action Task Force’s (CFATF) Mutual Evaluation Report 2018. The island nation has taken substantial steps to address weaknesses identified in previous evaluations, demonstrating a commitment to international cooperation and adherence to AML/CFT standards.

Areas of Strength

• Risk Assessment and Application of a Risk-Based Approach: Antigua and Barbuda has strengthened its ability to identify and assess risks related to money laundering and terrorist financing.
• National Cooperation and Coordination: The country has improved its coordination among law enforcement, regulatory bodies, and other stakeholders to combat financial crime.
• Confiscation and Provisional Measures: Antigua and Barbuda has enhanced its powers to confiscate assets linked to financial crimes.

Areas for Improvement

• Terrorist Financing Offence: While progress has been made in this area, there is still room for improvement.
• Targeted Financial Sanctions Related to Terrorism and Terrorist Financing: The country needs to strengthen its ability to implement and enforce targeted financial sanctions.
• Correspondent Banking: Antigua and Barbuda must improve its supervision of correspondent banking relationships to prevent money laundering and terrorist financing.

Commitment to International Cooperation

The CFATF has called on Antigua and Barbuda to address the outstanding recommendations and maintain momentum in its efforts to combat financial crime. The island nation’s commitment to international cooperation and adherence to AML/CFT standards is a positive step towards ensuring a safer and more secure financial system for all.

Government Response

In response to the report, the Government of Antigua and Barbuda has expressed its commitment to continue working with regional and international partners to strengthen its AML/CFT framework. The government will implement the recommendations outlined in the Mutual Evaluation Report 2018 and maintain its focus on preventing and combating financial crime.

The CFATF’s evaluation process is an essential tool for assessing a country’s compliance with international standards for AML/CFT. The report provides valuable insights into Antigua and Barbuda’s efforts to combat financial crime, highlighting areas of strength and weakness. As the country continues to work towards implementing the remaining recommendations, it remains committed to upholding its responsibilities in this critical area.