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Reporting Financial Crime in Antigua and Barbuda: A Guide to Protecting Your Country’s Integrity

Learn how to report suspicious financial activities to the authorities in Antigua and Barbuda and help combat money laundering, organized crime, and terrorism financing.

What is the Role of the Financial Intelligence Unit?

The Financial Intelligence Unit (FIU) plays a crucial role in combating serious organized crime in Antigua and Barbuda. Its key responsibilities include:

  • Providing intelligence on suspicious financial activities to aid in investigations: The FIU receives, analyzes, and disseminates financial intelligence submitted by financial institutions via Suspicious Activity Reports (SARs).
  • Receiving mutual legal assistance requests from international partners: The FIU collaborates with international organizations to combat money laundering and terrorism financing.
  • Issuing guidelines to financial institutions on anti-money laundering (AML) and combatting the financing of terrorism (CFT): The Supervisory Authority issues periodic guidelines to outline the requirements of AML/CFT laws and highlight international best practices.
  • Providing training to financial institutions on AML/CFT compliance: The FIU offers training workshops, group/sector training, institutional training, and individual training to ensure financial institutions are equipped to comply with regulations.

Reporting Suspicious Activities: A Guide for Financial Institutions

Financial institutions in Antigua and Barbuda are mandated under Section 13 (2) of the Money Laundering (Prevention) Act 1996 to report any suspicious activities or transactions that may be related to money laundering. This can include:

  • Unusual or large cash transactions: Financial institutions must report any unusual or large cash transactions that may indicate money laundering.
  • Transactions involving shell companies or offshore accounts: Reports are required for transactions involving shell companies or offshore accounts, which may be used to launder money.
  • Suspicious online activity: Financial institutions must also report suspicious online activity that may indicate money laundering.

Reports must be submitted promptly and in writing, using the prescribed form (SAR Form 1). All reports are handled with confidentiality and thoroughly reviewed for further action.

Periodic Guidelines for Financial Institutions

The Supervisory Authority issues periodic guidelines to outline the requirements of AML/CFT laws and highlight international best practices. These guidelines serve as a practical guide for financial institutions to ensure compliance with AML/CFT regulations.

Combating the Financing of Terrorism

Financial institutions are required to submit quarterly reports (Form 1a or Form 1b) under the mandates of Section 34 (3)a) of The Prevention of Terrorism Act, 2005. These reports help identify and disrupt terrorist financing activities.

Training for Financial Institutions

The FIU provides training workshops, group/sector training, institutional training, and individual training to financial institutions on AML/CFT compliance. Training can be arranged upon a written request to the Supervisory Authority.

List of Financial Institutions

For a comprehensive list of financial institutions subject to AML/CFT regulations in Antigua and Barbuda, please refer to The Money Laundering (Prevention) (Amendment of First Schedule) Order 2009.

By reporting suspicious financial activities and following AML/CFT regulations, financial institutions play a vital role in protecting Antigua and Barbuda’s integrity and combating serious organized crime.