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Antigua And Barbuda Addresses AML/CTF Deficiencies

by Mike Godfrey, Lowtax.net, Washington
28 April, 2014

Antigua and Barbuda has hosted its first Anti-Money Laundering and Countering the Financing of Terrorism workshop with a view to implementing Financial Action Task Force regulations to improve the reputation of the territory as an international financial center.

The workshop was hosted by the Office of National Drug and Money Laundering Control Policy (ONDCP) to discuss the changes necessary to implement FATF's recommendations in anticipation of the country's evaluation in 2016.

Edward Croft, Director of the ONDCP, spoke of the need to remedy the AML/CFT weaknesses and develop effective plans to demonstrate that Antigua and Barbuda is a jurisdiction which is committed to AML/CFT issues and a prudent jurisdiction in which to invest and conduct business.

The move comes as part of a gradual process of compliance with international standards of AML/CFT which saw the International Cooperation Review Group suspend its monitoring of the territory earlier this year after recognizing its significant profess towards its AML/CFT obligations.

The next stage for Antigua and Barbuda is the undertaking of a National Risk Assessment and this recommendation has been submitted to cabinet for consideration.

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