Antigua_and_Barbuda Antigua and Barbuda

New Documents

Antigua and Barbuda’s Office of National Drug and Money Laundering Control Policy issued an advisory warning the public of an increase in money mule scams, where a person knowingly or unknowingly transfers illicit money on behalf of others.

The government of Antigua and Barbuda released the the International Trust (Amendment) Act, 2021, which amends requirements concerning the maintenance of a Register of International Trusts and obligations related to annual attestations of beneficial ownership information. 

News

Enforcement Actions

0 Items Found


Important Facts

  • The U.S. State Department labels Antigua and Barbuda as a major money laundering jurisdiction. As of December 2020, the financial sector includes six domestic banks, six international banks, 18 insurance companies, five offshore money remitters, six payday money lenders, three internet gaming entities, four casinos, and 37 citizenship-by-investment program agents. Corruption, drug trafficking, and fraud are major sources of illicit funds in Antigua and Barbuda. Front operations, wire transfers, and structuring deposits are the main means of money laundering. The sectors most vulnerable to money laundering are international banks, money services businesses and the insurance sector. The country has know-your-customer and suspicious transaction reporting requirements and enhanced due diligence requirements for politically exposed persons.
-Source: 2021 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 11 High : 0
Largely Compliant : 25 Substantial : 0
Partially Compliant : 3 Moderate : 7
Non-Compliant : 1 Low : 4

Antigua and Barbuda's technical compliance was re-rated in a Nov. 22, 2021 follow-up report.

BASEL i

Rank : 45/110
Score : 4.95/10

TRANSPARENCY INTERNATIONAL i

Rank : N/A
Score : N/A

Tax Justice Network i

Rank : 122/133
Score : 76/100