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Financial Crime Takes a Heavy Toll on Antigua and Barbuda’s Economy

A devastating blow to the economic well-being of Antigua and Barbuda has been laid bare in a new report. The Human and Economic Assessment of Impact (HEAT) Report reveals that financial crime is having a profound impact on the country’s economy.

The Devastating Consequences of Financial Malfeasance

The HEAT Report paints a stark picture of the consequences of financial malfeasance on the island nation. Antigua and Barbuda stands to benefit from a range of recommendations aimed at mitigating the effects of financial crime and supporting economic growth.

Key Areas for Improvement

• Robust Loan Guarantee Scheme: The report notes that a loan guarantee scheme would help to stimulate economic activity, particularly in sectors hardest hit by the COVID-19 pandemic. This would enable businesses to secure financing for capital investment.
• Expansion of One Stop Employment Center: The center will be expanded with a focus on digitization and business model redevelopment. This move is expected to create new opportunities for entrepreneurs and small business owners, helping them to adapt to the changing economic landscape.

Additional Recommendations

• Expansion of Board of Guardians Scheme: The report calls for an expansion of the scheme both vertically and horizontally to provide greater support for vulnerable populations.
• Remittance Strategy: A remittance strategy will be implemented to ensure that funds continue to flow into the country without hindrance.

A Call to Action

As Antigua and Barbuda looks to rebuild its economy in the aftermath of the pandemic, policymakers are being urged to take swift action on these recommendations. By doing so, they can help to mitigate the impact of financial crime and create a more prosperous future for all citizens.