Reporting Financial Crime in Antigua and Barbuda: A Guide
Overview
Financial crime is a significant concern in the Caribbean, with billions of dollars lost each year to scams, fraud schemes, and other illicit activities. In response, the Government of Antigua and Barbuda has strengthened its laws and regulations to combat financial crimes. However, citizens and businesses must also play a crucial role in reporting suspected financial crimes.
Types of Financial Crime
The Global Financial Integrity (GFI) report “Financial Fraud in the Caribbean” highlights several types of financial crime prevalent in the region, including:
- Advance fee scams: Scammers promise unusually high returns or quick fixes but require victims to pay a fee upfront.
- Online shopping scams: Victims are tricked into paying for goods or services that never arrive.
- Romance scams: Scammers pose as romantic interests and ask victims for money or personal financial information.
- Pyramid and Ponzi schemes: Scammers promise unusually high returns but pay early investors with funds from later investors, rather than generating revenue through legitimate investments.
Reporting Financial Crime to Authorities
In Antigua and Barbuda, citizens can report suspected financial crimes to the following authorities:
Financial Investigation Unit (FIU)
- Contact information: fiu@gov.ag or +1 268 562-7362
- Responsibilities: Receive and investigate reports of suspicious transactions
Royal Police Force of Antigua and Barbuda
- Contact information: +1 268 462-2245 or info@antiguapolice.org
- Dedicated units: Investigate financial crimes, including cybercrime and fraud
Financial Services Regulatory Commission (FSRC)
- Contact information: fsrc@gov.ag or +1 268 562-7362
- Responsibilities: Regulate the financial sector in Antigua and Barbuda
What to Report
When reporting suspected financial crime, citizens should provide as much information as possible, including:
- Detailed description of the alleged crime
- Names and contact information of individuals involved
- Any relevant documentation, such as receipts or bank statements
Protecting Yourself from Financial Crime
To protect yourself from financial crime, citizens can take several precautions, including:
- Verifying the authenticity of investment opportunities
- Being cautious when providing personal or financial information online
- Monitoring accounts and credit reports regularly