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Improving Financial Compliance in Antigua and Barbuda: A Roadmap for Success

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The Financial Action Task Force (FATF) has issued a Follow-Up report 2021 on Antigua and Barbuda, highlighting areas where the country can improve its financial compliance. The report assesses the extent to which Antigua and Barbuda has implemented the technical requirements of the FATF Recommendations.

Key Areas for Improvement

The report identifies several key areas where Antigua and Barbuda needs to enhance its financial compliance:

  • National cooperation and coordination: While the country has made progress in this area, it still requires improvement to ensure effective coordination among relevant authorities.
  • Regulation and supervision of DNFBPs: The report notes that Antigua and Barbuda’s regulatory framework for designated non-financial businesses and professions (DNFBPs) needs strengthening to prevent money laundering and terrorist financing.
  • Powers of supervisors: The country’s supervisory powers need to be enhanced to ensure effective oversight of financial institutions and DNFBPs.
  • Reporting of suspicious transactions: Antigua and Barbuda must improve its reporting of suspicious transactions to prevent money laundering and terrorist financing.
  • Tipping-off and confidentiality: The country needs to strengthen its laws and regulations to prevent the disclosure of information related to suspected money laundering or terrorist financing.

Recommendations for Improvement

To address these areas, the report recommends that Antigua and Barbuda:

  • Strengthen its national cooperation and coordination mechanisms.
  • Enhance its regulatory framework for DNFBPs.
  • Improve its supervisory powers to ensure effective oversight of financial institutions and DNFBPs.
  • Develop a more comprehensive reporting system for suspicious transactions.
  • Strengthen its laws and regulations to prevent tipping-off and maintain confidentiality.

Conclusion

The FATF Follow-Up report 2021 provides Antigua and Barbuda with a roadmap for improving its financial compliance. By addressing the areas identified in the report, the country can strengthen its ability to prevent money laundering and terrorist financing, ensuring a safer and more secure financial system for all stakeholders.