Financial Crime World

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Financial Action Task Force (FATF) Report on Antigua and Barbuda’s Progress

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The Financial Action Task Force (FATF) has released a detailed report assessing Antigua and Barbuda’s progress in implementing the Mutual Evaluation Report (MER). This report evaluates the country’s compliance with FATF Recommendations, which are international standards for anti-money laundering (AML) and combating the financing of terrorism (CFT).

Key Points from the Report

The key points from the report can be summarized as follows:

Section 3.1: Progress on Recommendations

  • Antigua and Barbuda has made progress in addressing minor shortcomings in relation to providing feedback by the Regulatory and Supervisory Commission (RSC), Eastern Caribbean Central Bank (ECCB), and Customs.
  • However, there are still some weaknesses, such as the lack of formal policies for providing feedback and exchanging information.

Section 3.2: Progress on Recommendations which have changed since adoption of the MER

The FATF amended several Recommendations (R.2, 7, 15, 18, and 21) since Antigua and Barbuda’s MER was adopted. Antigua and Barbuda has made progress in complying with the revised requirements of R.2, which includes:

  • Establishing a domestic mechanism for exchange of information
  • Reviewing the Government of Antigua and Barbuda National AML/CFT Policy
  • Formulating the legal framework and implementing domestic coordination mechanisms

Compliance with Revised Requirements of R.2

Antigua and Barbuda complies with the revised requirements of R.2, including:

  • The Data Protection Act provides security of personal data and prescribes purposes for disclosure.
  • An MMOU has been established among members of the National Oversight Committee on Financial Action (NOCFA) requiring confidentiality of information.

Ongoing Process of Reviewing Policies

The NOCFA was established to review the national AML/CFT Policy, which is a part of an ongoing process of working groups. Currently, all policies are under review.

Conclusion

Overall, Antigua and Barbuda has made progress in implementing the revised FATF Recommendations, particularly with regards to R.2. However, there are still some weaknesses that need to be addressed, such as the lack of formal policies for providing feedback and exchanging information.