Financial Crime World

Financial Compliance Officer Job Description in Antigua and Barbuda

Tackling money laundering is a critical aspect of combating organized crime, drug trafficking, fraud, and terrorism financing. In Antigua and Barbuda, the Financial Intelligence Unit (FIU) plays a vital role in receiving, analyzing, and disseminating financial intelligence to competent authorities.

Role of the FIU

  • Provide intelligence on the “money trail” to add value to criminal investigations
  • Receive mutual legal assistance requests
  • Issue guidelines to financial institutions
  • Provide training to financial institutions on Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT)
  • Supervise the implementation of AML/CFT laws, regulations, and guidelines

Suspicious Activity Report Referrals

Financial institutions are mandated to report any suspicious activity or transaction that may be related to money laundering. The FIU receives these reports, reviews them thoroughly, and disseminates relevant information for further action.

Money Laundering & Financing of Terrorism Guidelines for Financial Institutions (MLFTG)

The Supervisory Authority issues periodic guidelines outlining the requirements of AML/CFT laws and international best practices in anti-money laundering trends. These guidelines serve as a practical guide to AML/CFT compliance.

Combating Financing of Terrorism

Financial institutions are required to submit quarterly reports on suspected terrorist financing activities under The Prevention of Terrorism Act, 2005.

Training for Financial Institutions

The FIU provides training workshops, group/sector training, institutional training, and individual training to financial institutions on their obligations under AML/CFT laws. Training can be arranged upon written request to the Supervisory Authority.

List of Financial Institutions

See: The Money Laundering (Prevention) (Amendment of First Schedule) Order 2009

International Cooperation

The FIU has established working relations with international organizations such as the Egmont Group, CFATF, SOCA, CICTE, and other regional and international FIUs to effectively combat money laundering and terrorism financing.