Financial Compliance Unit Shields Antigua and Barbuda’s Financial System Against Crime
The government of Antigua and Barbuda has established a Financial Compliance Unit (FCU) to safeguard the country’s financial system against money laundering and terrorism financing activities. The FCU is tasked with ensuring that all financial institutions comply with anti-money laundering and combating the financing of terrorism (AML/CFT) laws, regulations, and guidelines.
Key Responsibilities of the Financial Compliance Unit
- Conducts on-site and off-site examinations to evaluate the effectiveness of financial institutions’ AML/CFT programs
- Provides remedial feedback and assistance to institutions in order to strengthen their compliance measures
- Monitors financial institutions to ensure that they submit required reports in a timely manner
Regulatory Requirements
According to Regulation 15 of the Money Laundering (Prevention) Regulations, all financial institutions are required to:
- Conduct an annual assessment of their AML/CFT policies and procedures
- Submit quarterly Terrorist Property reports
- Submit annual Audit Review Reports
Assisting Financial Institutions
The FCU’s responsibilities extend beyond compliance checks. The unit is also required to provide assistance in AML/CFT training workshops for financial institutions.
Protecting Antigua and Barbuda’s Financial System
By working closely with the Supervisory Authority and financial institutions, the FCU plays a crucial role in protecting Antigua and Barbuda’s financial system against transactions involving the proceeds of crime.
Maintaining Integrity
In essence, the FCU serves as a critical component of the country’s anti-money laundering efforts. By ensuring that all relevant regulations are enforced and that financial institutions implement effective AML/CFT policies and procedures, the FCU helps to maintain the integrity of Antigua and Barbuda’s financial system and prevent it from being exploited by illicit actors.