Financial Crime World

Corporate Governance and Financial Crime Under Scrutiny in Antigua and Barbuda

Antigua and Barbuda’s financial system is under pressure to strengthen its defenses against money laundering and terrorism financing, with the newly established Financial Compliance Unit (FCU) taking the lead.

Strengthening Defenses Against Money Laundering and Terrorism Financing

The FCU is responsible for ensuring that all financial institutions comply with anti-money laundering and combating the financing of terrorism (AML/CFT) regulations by conducting regular examinations and providing remedial feedback. The unit’s examinations will assess the effectiveness of each institution’s AML/CFT program, providing critical feedback to help prevent and detect money laundering and terrorist financing activities.

Monitoring Institutions and Providing Support

The FCU will monitor institutions to ensure timely submission of mandatory reports for evaluation, and provide training and support to financial institutions through workshops and seminars. This includes:

  • Conducting on-site and off-site examinations to evaluate the effectiveness of each institution’s AML/CFT program
  • Providing remedial feedback and assistance to institutions in need
  • Offering training and support to financial institutions through workshops and seminars

Regulatory Requirements

Regulation 15 of the Money Laundering (Prevention) Regulations requires all listed financial institutions to:

  • Conduct an annual assessment of their AML/CFT policies and procedures
  • Submit quarterly Terrorist Property reports
  • Institutions categorized in Schedule 2, including banking, insurance, internet gambling, sports betting, casinos, and money service businesses, must also submit an additional annual Audit Review Report

Annual Audit Reports

The annual audit reports serve as a critical gauge of each institution’s implementation of AML/CFT requirements. The FCU is responsible for conducting on-site and off-site examinations to evaluate their effectiveness.

Training Workshops

In its quest to combat financial crime, the FCU is committed to providing critical support to financial institutions through AML/CFT training workshops, designed to enhance knowledge and skills in detecting and preventing money laundering and terrorist financing activities. These workshops will help financial institutions:

  • Stay up-to-date with changing regulations and best practices
  • Enhance their ability to detect and prevent money laundering and terrorist financing activities

Conclusion

As Antigua and Barbuda’s financial system continues to evolve, the Financial Compliance Unit remains at the forefront of efforts to protect against financial crime and maintain a robust regulatory framework. The unit is committed to providing critical support to financial institutions through AML/CFT training workshops and ensuring that all financial institutions are held to the highest standards.