ANTIGUA & BARBUDA AML/CFT MUTUAL EVALUATION REPORT

On 15th October, FATF published the mutual evaluation report following an on-site visit by the CFTAF in June 2017.   Amongst its key findings were that –

  • The co-operation co-ordination mechanisms are not being fully utilised by the domestic competent authorities to develop evidence and trace criminal proceeds related to money laundering, predicate offences and terrorist financing leading to confiscation;
  • “Fit and proper” requirements for licensed entities are not employed consistently;
  • There are no licensing requirements for a number of sectors, including high-value dealers, estate and travel agencies;
  • AML/CFT supervision is not consistent across the DNFBP sector;
  • Examinations by authorities are rules-based rather than on a risk-based approach
  • Requirements to identify ultimate beneficial owners are not applied to International Business Companies and other legal persons;
  • The quality and levels of SAR reported by financial institutions and particularly by DNFBP is low; and
  • Financial institutions and DNFBP do not consistency refuse business where CDD information is incomplete. EDD and mitigation measures for PEP and other high-risk customers are not consistently applied.

http://www.fatf-gafi.org/publications/mutualevaluations/documents/mer-antigua-barbuda-2018.html

mer1

mer2

mer3

In addition –

FATF SCHEDULE OF MUTUAL EVALUATION ASSESSMENT RESULTS UPDATED

http://www.fatf-gafi.org/publications/mutualevaluations/documents/assessment-ratings.html

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: