Financial Crime World

Financial Crimes on the Rise in Anguilla’s Digital Age

The Anguilla Financial Services Commission has released its annual report for 2018, highlighting the increasing threat of financial crimes in the digital age. The report emphasizes the need for regulators to stay ahead of the curve and adapt to new technologies in order to combat financial fraud.

Global Events Impacting Financial Markets

Global events have continued to impact financial markets worldwide, leading to increased cooperation efforts between regulatory bodies domestically and internationally. Anti-Money Laundering (AML) and Combatting the Financing of Terrorism (CFT) remain key concerns, with the Financial Action Task Force’s (FATF) 4th Round of Mutual Evaluations ongoing.

Technological Applications Used in Financial Crimes

Financial crimes are increasingly being carried out using technological applications, prompting regulators to respond quickly with warnings and fraud alerts. In response, regulators are embracing technological solutions to combat financial crimes, as well as upskilling their staff to stay ahead of emerging threats.

Preparations for 4th Round Mutual Evaluation

In Anguilla, the Financial Services Commission has been working to prepare for its 4th round Mutual Evaluation under the FATF Recommendations, which was rescheduled from 2021 to 2022 due to Hurricane Irma and Maria. The commission has also signed Multilateral Memorandums of Understanding (MMOUs) with regional bodies such as:

  • Caribbean Association of Insurance Regulators (CAIR)
  • Eastern Caribbean Central Bank (ECCB)

to enhance cooperation on AML/CFT matters.

New Legislation Enacted in 2018

The report highlights several pieces of legislation enacted in 2018, including:

  • Anguilla Utility Token Offering Act (AUTO Act) and the Anguilla Utility Token Offering Regulations (AUTO Regulations), which aim to regulate digital asset service providers.
  • Amended Insurance Act, including the definition of Producer Affiliated Re-Insurance Company.
  • Updated Anti-Money Laundering and Terrorist Financing Regulations, including virtual assets business.

Importance of Regulatory Independence

The report emphasizes the importance of independence in regulatory bodies, citing Anguilla’s commitment to international standards and best practices. The commission’s impact is credited with contributing to the development of Anguilla’s financial services industry, through outreach programs and engagement with stakeholders.

Staying Ahead of the Curve

As the financial landscape continues to evolve, the Financial Services Commission is committed to staying ahead of the curve, ensuring that Anguilla remains a cooperative international financial services centre.