St John's Antigua.
Antigua and Barbuda is still susceptible to money laundering despite recent improvements, according to a 2013 International Narcotics Control Strategy Report on money laundering and financial crimes.
The report which was compiled by US Department of State, noted that during the past year, the Office of National Drug Control and Money Laundering Policy (ONDCP) compiled evidence that money laundering related to drug trafficking takes place through local financial institutions.
“The ONDCP’s analysis shows both that criminals abuse the system and financial institutions, in some instances, fail to apply sufficiently rigorous due diligence in relation to transactions that should be seen as questionable,” the report said.
“And so what we plan to do this year is to strengthen the financial compliance unit in order that we can have better oversight and supervision,” he assured reoprters recently.
Croft noted that supervision of institutions in regard to anti-money laundering and combating of financing of terrorism required under Schedule One of the Money Laundering and Prevention Act, will be strengthened so that there is better oversight and a clearer understanding of the requirements, mainly by financial institutions.
He said where there are possibilities of money laundering the department will be strengthening its oversight to ensure greater understanding and more effective implementation.
The report lists three money laundering criminal prosecutions and three convictions in 2012 in the twin island state.
Croft confirmed this, and noted that this is a clear demonstration of the department’s efforts and its success.
He said currently, the department is investigating two organised crime groups, and this has been ongoing over the past several months.
“We are continuing with those efforts to try and ensure that persons who may be a part and would have been engaged in any illegal or illicit activities can be held accountable.”
The two groups involve persons in Antigua and Barbuda, Croft said, without revealing how far along they are in these investigations.
When questioned on the accuracy of the US report:
“One thing I am mindful of is that it says that there have been an improvement in the efforts by the government of Antigua and Barbuda to strengthen the ability of Antigua and Barbuda to intercept and to hold persons engaged in money laundering accountable, so that I am pleased with," Croft said.
According to the report, illicit proceeds from the transhipment of narcotics and from financial crimes occurring in the United States are laundered in Antigua and Barbuda.
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