Montserrat Montserrat

New Documents

HM Treasury Adds Three Entities to Sudan Sanctions List

HM Treasury’s Office of Financial Sanctions Implementation issued a notice concerning the addition of three entities to the consolidated list pursuant to the Sudan (Sanctions) (EU Exit) Regulations 2020.

April 15, 2024

OFSI Amends Single Entry on Russia Sanctions List

HM Treasury’s Office of Sanctions Implementation amended one consolidated list entry pursuant to the Russia (Sanctions) (EU Exit) Regulations 2019.

March 27, 2024

HM Treasury Adds Two Individuals to Domestic Counter Terrorism Sanctions List

March 27, 2024

HM Treasury Adds Two Individuals, One Entity to Cyber Sanctions List

March 25, 2024

HM Treasury Amends One Entry on North Korea Sanctions List

March 11, 2024

News

British Offshore Territories Vulnerable to Money Laundering, Report Says

Britain needs to increase its number of experienced investigators and banking compliance examiners and adopt stronger legislation to improve lax anti-money laundering efforts in its overseas territories, according to a government report.

May 1, 2008

Enforcement Actions

0 Items Found

Key Documents

Montserrat Releases Consolidated Proceeds of Crime Act

February 9, 2010

Montserrat Amends Proceeds of Crime Act

April 9, 2013

UK Issues Anti-Terrorism Order 2002 Applicable to Six Overseas Territories

July 16, 2002

Montserrat Publishes AML/CTF Code

April 22, 2010

Montserrat Develops AML/CTF Regulations

April 22, 2010

Important Facts

  • The U.S. State Department identifies Montserrat as a monitored jurisdiction. This United Kingdom Caribbean Overseas Territory has one of the smallest financial sectors of those territories. Few offenses committed in Montserrat generate substantial profits from crime. The low number of transactions in the financial sector suggests that criminal funds are not entering the mainstream economy through financial institutions. The jurisdiction requires international business companies and trusts to have a locally licensed company manager or a locally licensed trust company respectively, which are responsible for undertaking customer due diligence procedures and monitoring anti-money laundering compliance.
  • KYC Covered Entities:  Banks, securities dealers, money transmission services, company management services, financial leasing companies, dealers in precious metals and stones, lawyers, auditors, accountants, notaries, tax advisors and insolvency practitioners, real estate agents, and trust or company service providers
  • STR Covered Entities:  Banks, securities and financial instrument traders and dealers, money brokers, and money transmission services; financial leasing companies; company agents and management services, any partner of a partnership, and company secretaries; entities providing a business, accommodation, correspondence, or administrative address for a legal person or company; nominee shareholders; persons providing consumer credit, mortgage credit, factoring, and commercial financing, including forfeiting; issuers and managers of means of payment, including credit and debit cards, checks, traveler’s checks, money orders, banker’s drafts, and electronic money; participants in securities issues and the provision of financial services related to such issues; financial, merger, and industrial strategy advisors and funds managers; providers of guarantees, commitments, and safekeeping; accountants, auditors, real estate agents, and independent legal professionals; and high-value goods dealers
  • Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: No
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: 1 (2015); Convictions: 0 (2015)
Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i

Technical Effectiveness
Compliant : 3 High :
Largely Compliant : 25 Substantial :
Partially Compliant : 19 Moderate :
Non-Compliant : 2 Low :

BASEL i

Rank : N/A
Score : N/A

TRANSPARENCY INTERNATIONAL i

Rank : N/A
Score : N/A

Tax Justice Network i

Rank : 130/133
Score : 75/100