Financial Crime World

Financial Crime Risks in Antigua and Barbuda Highlighted in Latest FATF Report

The Financial Action Task Force (FATF) has released its latest Follow-Up report on Antigua and Barbuda, assessing the country’s efforts to combat financial crime. The report highlights several areas of concern, including inadequate implementation of risk-based approaches to assess and mitigate financial crime threats.

Key Findings

  • Antigua and Barbuda is largely compliant in several areas, such as:
    • National cooperation and coordination
    • Confiscation and provisional measures
    • Transparency and beneficial ownership of legal persons and arrangements
  • However, the country is partially compliant in other key areas, including:
    • Targeted financial sanctions related to terrorism and terrorist financing
    • International instruments and mutual legal assistance
  • Antigua and Barbuda has also been found non-compliant in some instances, such as its regulation and supervision of designated non-financial businesses and professions (DNFBPs)

Areas of Concern

  • Failure to implement adequate customer due diligence, record-keeping, and reporting requirements
  • Lack of sufficient powers for supervisors and law enforcement agencies to effectively investigate and prosecute financial crimes

FATF Recommendations

  • Antigua and Barbuda must take immediate action to strengthen its financial crime prevention regime
  • The country must continue to cooperate with international partners to combat cross-border financial crime threats

Conclusion

While Antigua and Barbuda has made progress in implementing anti-money laundering and combating terrorist financing measures, there is still much work to be done to address the identified risks and vulnerabilities. The country’s authorities must take decisive action to strengthen their financial crime prevention regime and protect its reputation as a reputable financial center.

By addressing these concerns, Antigua and Barbuda can maintain its global reputation and prevent its financial system from being exploited by criminal networks. The report serves as a wake-up call for the country’s authorities to prioritize financial crime prevention and ensure that its financial sector remains resilient and secure.