Financial Crime World

Financial Crime Case Studies in Antigua and Barbuda Exposed

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A recent report has shed light on the extent to which Antigua and Barbuda has implemented the technical requirements of the Financial Action Task Force (FATF) recommendations, assessing the country’s efforts to combat financial crime.

Progress Made

According to the report, Antigua and Barbuda has made significant progress in several areas:

  • Implemented measures to assess risk and apply a risk-based approach
  • National cooperation and coordination mechanisms are in place
  • Money laundering offenses are criminalized
  • Confiscation and provisional measures are available
  • Terrorist financing offenses have been criminalized

Areas for Improvement

However, there are areas where improvement is needed:

  • Targeted financial sanctions related to terrorism and terrorist financing have not been fully implemented
  • A mechanism for freezing and confiscating assets in connection with money laundering and terrorist financing has not been established

Gaps and Concerns

The report highlights gaps in the country’s regulation and supervision of financial institutions, as well as its powers of supervisors. Additionally:

  • Concerns about transparency and beneficial ownership of legal persons and arrangements
  • Regulation and supervision of designated non-financial businesses and professions (DNFBPs) need improvement

Commitment to Improvement

Despite these challenges, Antigua and Barbuda has demonstrated a commitment to improving its anti-money laundering and combating the financing of terrorism (AML/CFT) regime. The country has:

  • Made significant progress in implementing new technologies
  • Established financial intelligence units

Guidance for Policymakers and Regulators

The report’s findings are intended to provide guidance for policymakers and regulators as they work to strengthen Antigua and Barbuda’s AML/CFT framework. It is hoped that the country will use this report to identify areas for improvement and take concrete steps to address the gaps and vulnerabilities identified.