Financial Crime World

FINANCIAL COMPLIANCE IN ANTIGUA AND BARBUDA: A KEY PART OF COMBATING ORGANISED CRIME

Tackling money laundering is a critical component in the fight against organised crime, fraud, and the financing of terrorism. In Antigua and Barbuda, the Financial Intelligence Unit (FIU) plays a vital role in combating these threats by receiving, analysing, and disseminating financial intelligence to competent authorities.

The Role of the Financial Intelligence Unit

The FIU is responsible for adding value to criminal investigations by providing intelligence on the “money trail” - information that is not readily available elsewhere. It also receives mutual legal assistance requests, issues guidelines to financial institutions, provides training, and supervises the implementation of anti-money laundering (AML) and combating the financing of terrorism (CFT) laws.

Key Functions of the FIU

  • Receiving and analysing financial intelligence
  • Disseminating information to competent authorities
  • Providing mutual legal assistance requests
  • Issuing guidelines to financial institutions
  • Providing training
  • Supervising AML/CFT law implementation

SUSPICIOUS ACTIVITY REPORTS

Financial institutions are mandated to report any suspicious activity or transaction that may be related to money laundering to the Supervisory Authority. These reports are handled with confidentiality and thoroughly reviewed before being disseminated for further action.

Reporting Requirements

  • Financial institutions must report suspicious activities
  • Reports are handled confidentially
  • Reports are thoroughly reviewed before dissemination

AML/CFT GUIDELINES FOR FINANCIAL INSTITUTIONS

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

Guidelines Content

  • Requirements of AML/CFT laws
  • International best practices in anti-money laundering
  • Practical guidance for financial institution compliance

COMBATING THE FINANCING OF TERRORISM

Similar principles used to combat money laundering can be applied to combating the financing of terrorism. Financial institutions are required to submit quarterly reports under the Prevention of Terrorism Act, 2005.

Anti-Terrorism Measures

  • Submitting quarterly reports
  • Implementing anti-terrorism measures

TRAINING FOR FINANCIAL INSTITUTIONS

The FIU provides training to financial institutions as mandated by law. This includes AML/CFT workshops, group/sector training, institutional training, and individual training for compliance officers and management.

Training Offered

  • AML/CFT workshops
  • Group/sector training
  • Institutional training
  • Individual training for compliance officers and management

INTERNATIONAL COOPERATION

Establishing constructive cooperation with international organisations is crucial in the fight against money laundering and terrorism financing. The FIU has working relations with the Egmont Group, CFATF, SOCA, CICTE, and other regional and international FIUs.

International Cooperation Partnerships

  • Egmont Group
  • CFATF
  • SOCA
  • CICTE
  • Other regional and international FIUs

By taking a proactive approach to financial compliance, Antigua and Barbuda can effectively combat organised crime, fraud, and the financing of terrorism, protecting its citizens and economy.