Executive Council approves plans to update Anguilla’s anti-financial crime laws
The Executive Council has given the green light to a proposal to revise Anguilla’s anti-financial crime laws in order to… The post Executive Council approves plans to update Anguilla’s anti-financial crime laws appeared first on Anguilla Focus | News.
Black News 
The Executive Council has given the green light to a proposal to revise Anguilla’s anti-financial crime laws in order to meet international standards.
The Anguilla Financial Services Commission (AFSC) briefed members on the planned anti-money laundering and countering the financing of terrorism (AML/CFT) updates at meeting on 23 April.
The proposed changes include raising the upper limit of administrative fines for large financial institutions and adding definitions for specific terms, according to the minutes published on 4 May.
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In June 2023, Anguilla underwent the 4th Round Mutual Evaluation on-site process led by the Caribbean Financial Action Task Force (CFATF).
The assessment encompassed an overview of the island’s technical compliance with the Financial Action Task Force (FATF)’s 40 recommendations.
The CFATF report for Anguilla, published in July 2024, identified gaps in the legislation when compared to the recommendations.
Consequently, the commission requested approval for amendments to the legislation to address these gaps and allow the island to be re-rated.
Along with council members, attending the meeting were Charonay Carty, AFSC’s deputy director of supervision, and Ojeda Vanterpool, AFSC’s head of AML/CFT compliance and enforcement.
The next step is for the proposed amendments to be formalised in draft legislation and presented to the Anguilla House of Assembly for approval.
The post Executive Council approves plans to update Anguilla’s anti-financial crime laws appeared first on Anguilla Focus | News.
