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Financial Professionals in Antigua and Barbuda Urged to Stay Ahead of Money Laundering Threat

Antigua and Barbuda’s Financial Intelligence Unit (FIU) has emphasized the importance of ongoing compliance training for financial institutions to combat money laundering and the financing of terrorism. The FIU serves as the central, national Financial Intelligence agency for the country, tasked with receiving, analyzing, and disseminating financial intelligence submitted by financial institutions.

The Role of the FIU

As a key player in the fight against organized crime, the FIU’s role is multifaceted:

  • Provides valuable intelligence to criminal investigations
  • Receives mutual legal assistance requests
  • Issues guidelines to financial institutions
  • Supervises the implementation of anti-money laundering (AML) and combating the financing of terrorism (CFT) laws

Suspicious Activity Report Referrals

Financial institutions are mandated by law to report any suspicious activity or transactions that may be related to money laundering. The FIU reviews and analyzes these reports with utmost confidentiality, disseminating relevant information for further action only when deemed necessary.

Guidelines for Financial Institutions

The FIU periodically issues guidelines outlining the requirements of AML/CFT laws in Antigua and Barbuda, as well as international best practices. These guidelines serve as a practical guide to compliance for financial institutions.

Training for Financial Professionals

To ensure effective implementation of AML/CFT regulations, the FIU provides training for financial professionals across various formats:

  • Workshops
  • Group/sector training
  • Institutional training
  • Individual training

The training aims to equip financial institutions with the necessary knowledge and skills to identify and report suspicious activities.

International Cooperation

The FIU has established working relations with international organizations such as:

  • Egmont Group
  • CFATF
  • SOCA
  • CICTE
  • Other regional and international FIUs

to strengthen cooperation in combating money laundering and terrorism financing.

In light of these efforts, financial professionals in Antigua and Barbuda are encouraged to prioritize compliance training to stay ahead of emerging threats.