Financial Crime World

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Tax Administration and Procedure Act: Eastern Caribbean Central Banking Agreement

The Tax Administration and Procedure Act has been amended to include the Eastern Caribbean Central Banking Agreement, which provides for cooperation and exchange of information between financial institutions and supervisory bodies in the region.

Reciprocal Access to Foreign Financial Institutions

Under the agreement, officers of foreign authorities responsible for supervising licensed financial institutions (FIs) will have access to assess the security and soundness of these FIs. This reciprocal arrangement aims to strengthen regulatory oversight and improve financial stability within the Eastern Caribbean region.

Key Benefits

  • Reciprocal access to foreign financial institutions
  • Strengthened regulatory oversight
  • Improved financial stability in the region

Implementation of Data Protection Act

The Data Protection Act has been enacted to ensure the security and confidentiality of personal data exchanged between competent authorities and financial institutions. The act prescribes specific purposes and circumstances for which personal data may be disclosed, safeguarding individual privacy rights.

Key Provisions

  • Security and confidentiality of personal data
  • Specific purposes and circumstances for disclosure
  • Safeguarding individual privacy rights

National Oversight Committee on Financial Action (NOCFA)

To coordinate AML/CFT efforts, NOCFA has been established to review the national AML/ CFT policy and ensure compliance with international standards. The committee is responsible for reviewing and approving changes to the AML/CFT policy, ensuring consistency in regulatory oversight across the region.

Responsibilities

  • Reviewing national AML/CFT policy
  • Ensuring compliance with international standards
  • Approving changes to the AML/CFT policy

AML/CFT Policy Reviews

The NOCFA has conducted several reviews of the national AML/CFT policy since its establishment, with all policies currently under review. This ongoing process ensures that the AML/CFT framework remains effective and compliant with international standards.

Benefits

  • Effective AML/CFT framework
  • Compliance with international standards
  • Ongoing review and improvement

Conclusion

Antigua and Barbuda’s efforts to implement the Eastern Caribbean Central Banking Agreement, Data Protection Act, and NOCFA demonstrate a commitment to strengthening regulatory oversight, improving financial stability, and safeguarding individual privacy rights. The country’s progress in addressing deficiencies noted in its previous MER is commendable, with minor shortcomings remaining in relation to feedback mechanisms.

Recommendations

Recommendation 2 (R.2)

Antigua and Barbuda complies with the revised requirements of R.2, which emphasizes cooperation and coordination between relevant authorities to ensure compatibility of AML/CFT requirements with data protection and privacy rules. The country has established a domestic mechanism for exchanging information and implemented measures to review its national AML/CFT policy.

Recommendation 15 (R.15)

Antigua and Barbuda complies with the revised requirements of R.15, which emphasizes the need for countries to have cooperation and coordination mechanisms in place to ensure compatibility of AML/CFT requirements with data protection and privacy rules. The country has established a domestic mechanism for exchanging information and implemented measures to review its national AML/CFT policy.

Recommendation 21 (R.21)

Antigua and Barbuda complies with the revised requirements of R.21, which emphasizes the need for countries to have cooperation and coordination mechanisms in place to ensure compatibility of AML/CFT requirements with data protection and privacy rules. The country has established a domestic mechanism for exchanging information and implemented measures to review its national AML/CFT policy.

Rating

Antigua and Barbuda’s rating is largely compliant, with minor shortcomings remaining in relation to feedback mechanisms.