Antigua & Barbuda

UK modifies advisory on Antigua and Barbuda

HM Treasury has revised its April 1999 advisory which drew attention to the deficiencies in the anti-money laundering regime of Antigua and Barbuda. It congratulates the state’s Government on the progress that has been made so far but says that there is more to do. At the beginning of October a joint UK/US team visited the Caribbean state in order to assess the effect of new anti-money laundering legislation and systems. Economic Secretary Melanie Johnson said that it had proved “too early to judge whether these new systems have been fully successful.” However, she also observed that a “step-change in the culture of combating money laundering” was evident both in the Government and supervisory structures. One area of concern that remains is the offshore gaming sector and Ms Johnson said that UK institutions should be aware of serious risks attaching to transactions connected with this business.