An Antigua and Barbuda financial services association is lobbying to improve the islands' reputation in the wake of an alleged Ponzi scheme tied to one of the jurisdiction's biggest investors. Financial services practitioners from the island formed the St. Johns-based International Financial Service Providers Association in March following "negative press" related to the February U.S. Securities and Exchange Commission investigation into a purported $8 billion fraud run by Texas financier Robert Allen Stanford, according to Verlyn Faustin, acting chair of the steering committee of the group. Stanford, who operated the Stanford International Bank (SIB) in Antigua, sold billions of dollars...
FATF's latest round of mutual evaluations is proving "much more intense" resource-wise than past examination cycles, according to Calvin Wilson, the executive director of the intergovernmental group's affiliate organization in the Caribbean.
The conviction Tuesday of alleged Ponzi schemer Robert Allen Stanford marks the end of one legal battle and the heating up of another: the fight over the Texas businessman's assets held in at least a dozen banks worldwide.
The government of Aruba should "urgently" improve its anti-money laundering regime, including controls on customer due diligence and beneficial ownership, an intergovernmental watchdog organization said Monday.
A Barbadian Parliamentary bill that would retroactively legitimize actions by the country's financial intelligence unit is raising questions about the jurisdiction's anti-money laundering regime, say consultants.
A Miami lawyer at odds with the U.S. Treasury Department for alleged bank fraud and his law firm are balking at a request to produce documents tied to the investigation of financier Robert Allen Stanford.