Antigua and Barbuda

New Documents

Antigua and Barbuda’s House of Representatives passed the Digital Assets Business Bill 2020 on May 27, 2020.

The U.K.’s Judicial Committee of the Privy Council rendered a judgment on an appeal by Ahmed Williams, who challenged the constitutionality of Antigua and Barbuda’s Money Laundering (Prevention) Act, particularly regarding its civil forfeiture and asset freeze regimes.

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Important Facts

  • The U.S. State Department labels Antigua and Barbuda as a major money laundering jurisdiction. As of December 2019, the financial sector includes six domestic banks, nine international banks, 18 insurance companies, eight international insurance companies, four money services businesses, one development bank, 37 citizenship by investment agents, and six credit unions. 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 money services businesses, the insurance sector, real estate, attorneys, accountants, car dealerships, and car rentals and gaming arcades. The country finalized its National Risk Assessment in 2018, but has not implemented all of the recommendations. The country has know-your-customer and suspicious transaction reporting requirements.
-Source: 2020 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 9 High : 0
Largely Compliant : 23 Substantial : 0
Partially Compliant : 6 Moderate : 7
Non-Compliant : 2 Low : 4

BASEL i

Rank : 75/141
Score : 5.07/10

TRANSPARENCY INTERNATIONAL i

Rank : N/A
Score : N/A

Tax Justice Network i

Rank : 122/133
Score : 76/100