Reporting Financial Crimes in Antigua and Barbuda: What You Need to Know
The island nation of Antigua and Barbuda has been identified as a high-risk jurisdiction for financial crimes, including money laundering and other illicit activities.
Why the Enhanced Scrutiny?
The government of Antigua and Barbuda has made changes to its anti-money laundering laws and oversight of its financial sector, which have raised concerns among regulators and enforcement officials in the United States and other countries. The amendments to the Money Laundering (Prevention) Act in 1998 weakened the statute, while the creation of a new International Financial Sector Authority with representatives from the very institutions it is supposed to regulate has raised questions about its independence and effectiveness.
What Transactions Require Enhanced Scrutiny?
Financial institutions subject to the suspicious activity reporting rules contained in 31 CFR 103.21 should carefully examine transactions involving:
- Antigua and Barbuda offshore banks: Transactions that involve these banks may require enhanced scrutiny.
- Transactions involving both Antigua and Barbuda offshore banks and commercial banks licensed to do business in Antigua and Barbuda: These transactions may also need closer examination.
- Transactions in which one or more of the nine commercial banks act for one or more Antigua and Barbuda offshore institutions: Transactions that involve these types of arrangements should be closely scrutinized.
Reporting Suspicious Transactions
Institutions subject to the suspicious activity reporting rules should report any transactions that raise suspicions about money laundering or other financial crimes. The Treasury Department will consider such reports as relevant to a possible violation of law or regulation, providing protection from liability for the reporting institution.
How to Report Financial Crimes in Antigua and Barbuda
If you suspect a financial crime has been committed in Antigua and Barbuda, you can report it to the authorities by:
- Contacting FinCEN at (703) 905-3773: Reach out to FinCEN’s hotline to report suspicious transactions.
- Faxing information to (703) 905-3885: Fax relevant information to FinCEN for further investigation.
- Submitting a report through the FinCEN website: Use FinCEN’s online platform to submit reports.
Reporting financial crimes is an important step in preventing money laundering and other illicit activities. If you have any questions or concerns about reporting financial crimes in Antigua and Barbuda, please do not hesitate to contact the authorities.