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Antigua-Barbuda removed from Financial Action Task Force grey list
Published on February 19, 2014 Email To Friend    Print Version

ST JOHN’S, Antigua -- The Paris-based Financial Action Task Force (FATF), in its ongoing review of compliance of countries with the anti-money laundering/combating the financing of terrorism (AML/CFT) standards, has removed Antigua and Barbuda from its “grey list”.

In its report released on February 14, the FATF outlined that Antigua and Barbuda has made significant progress in improving its AML/CFT regime and has established the legal and regulatory framework to meet its commitments in its action plan regarding the strategic deficiencies that the FATF had identified in February 2010.

“Antigua and Barbuda is therefore no longer subject to FATF’s monitoring process under its ongoing global AML/CFT compliance process. Antigua and Barbuda will work with the Caribbean Financial Action Task Force CFATF as it continues to address the full range of AML/CFT issues identified in its mutual evaluation report,” the FATF statement concluded.

Finance and Economy Minister Harold Lovell
During his Budget presentation in January, Finance and Economy Minister Harold Lovell predicted that Antigua and Barbuda would be removed from the “grey list” because he was certain that the a review in December 2013 from the Americas Regional Review Group (AARG) of the FATF, which assessed the effectiveness of various pieces of legislation and a number of international supervisory standards and practices, would have been positive and supportive of Antigua and Barbuda’s efforts to improve compliance with the FATF’s Forty Recommendations.

In commenting on Antigua and Barbuda’s removal from the FATF’s “grey list”, Lovell said that his government’s efforts in ensuring that the country maintains an excellent standing in the international community of nations have proven once again to be successful.

“The hard work of the staff of the ministry of finance, the Financial Services Regulatory Commission, the ONDCP and the ministry of legal affairs are to be highly commended as we continue to build a new economy. For Antigua and Barbuda to be labeled as compliant with international standards and practices is excellence news,” Lovell stated.

The FATF’s recommendations are viewed as the accepted international standards for combating money laundering, the financing of terrorism, and the proliferation of weapons of mass destruction.
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