___________________________________________________
US State Dept Narcotics Report 2011 (introduction):
No report available
US State Dept Trafficking in Persons Report 2011 (introduction):
No report available
US State Dept Terrorism Report 2009
No report available
__________________________________________________________
AML News / Updates
March 22 2010 - Anguilla uplifted to OECD white list re implementation
of International Tax Standard
View list........
Links:
Worldwide AML Legislation (International Bar Association)
US State Dept Narcotics Report 2011 (introduction):
No report available
US State Dept Trafficking in Persons Report 2011 (introduction):
No report available
US State Dept Terrorism Report 2009
No report available
__________________________________________________________
AML News / Updates
March 22 2010 - Anguilla uplifted to OECD white list re implementation
of International Tax Standard
View list........
Links:
Worldwide AML Legislation (International Bar Association)
|
| ANGUILLA |
|
Sanctions:
None applicable
____________________________________________________
Offshore Jurisdiction Blacklists
As a recognised offshore finance jurisdiction this country may fall
under various country offshore jurisdiction blacklists.
____________________________________________________
US State Department Money Laundering Report - 2011:
Anguilla is a United Kingdom (UK) overseas territory with a
population of approximately 12,900. There are very few offenses
committed on the island by the local populace that generate
substantial monies or profits from crime. The economy depends
greatly on its growing offshore financial sector and tourism. The
financial sector is small in comparison to other jurisdictions in the
Caribbean, but the ability to register companies online and the
use of bearer shares make Anguilla vulnerable to money
laundering. The biggest perceived money laundering threat in the
coming years will continue to come from abuses of the offshore
industry in relation to mutual funds, trusts, and international
business companies (IBCs). The Proceeds of Crime Act 2009
along with its attendant Code and Regulations make company
service providers and others more accountable.
Anguilla uses the East Caribbean dollar and its monetary authority
is the Eastern Caribbean Central Bank (ECCB). Seven other
island economies are also members of the ECCB: Antigua and
Barbuda, Dominica, Grenada, Montserrat, St Kitts and Nevis, St.
Lucia, and St Vincent and the Grenadines. The existence of this
common currency may raise the risk of money laundering, but
there is little evidence that the EC dollar is a primary vehicle for
money laundering.
DO FINANCIAL INSTITUTIONS ENGAGE IN CURRENCY
TRANSACTIONS RELATED TO INTERNATIONAL NARCOTICS
TRAFFICKING THAT INCLUDE SIGNIFICANT AMOUNTS OF US
CURRENCY; CURRENCY DERIVED FROM ILLEGAL SALES IN
THE U.S.; OR THAT OTHERWISE SIGNIFICANTLY AFFECT THE
U.S.: NO
CRIMINALIZATION OF MONEY LAUNDERING:
“All serious crimes” approach or “list” approach to predicate
crimes: Combined approach
Legal persons covered: criminally: YES civilly: YES
CRIMINALIZATION OF TERRORIST FINANCING:
Ability to freeze terrorist assets without delay: YES
UN lists of designated terrorists or terrorist entities distributed to
financial institutions: YES
KNOW-YOUR-CUSTOMER RULES:
Covered entities: Domestic and offshore banks, money transfer
agents, insurance companies, mutual funds and fund
intermediaries, company managers and service providers, trusts,
securities brokers and dealers, dealers in precious metals and
stones and high-value goods, lawyers, accountants, notaries, and
real estate agents
Enhanced due diligence procedures for PEPs: Foreign: YES
Domestic: NO
SUSPICIOUS TRANSACTION REPORTING REQUIREMENTS:
Covered entities: Domestic and offshore banks, money transfer
agents, insurance companies, mutual funds and fund
intermediaries, company managers and service providers, trusts,
securities brokers and dealers, dealers in precious metals and
stones and high-value goods, lawyers, accountants, notaries, and
real estate agents
Number of STRs received and time frame: 26 in 2010
Number of CTRs received and time frame: Not available
MONEY LAUNDERING CRIMINAL
PROSECUTIONS/CONVICTIONS:
Prosecutions: 14 in 2010
Convictions: 0
Assets forfeited: criminally: Not available civilly: Not available
RECORDS EXCHANGE MECHANISM:
With U.S.: YES
With other governments/jurisdictions: YES
Anguilla is a member of the Caribbean Financial Action Task
Force (CFATF), a FATF style regional body. Its most recent mutual
evaluation can be found here: http://www.cfatf-gafic.
org/downloadables/mer/Anguilla_3rd_Round_MER_(Final)
_English.pdf
ENFORCEMENT AND IMPLEMENTATION ISSUES AND
COMMENTS:
Anguilla continues to make progress in enforcement and
implementation. The 2009 Proceeds of Crime Act included
extending the prohibition of anonymous accounts to include
numbered accounts. However, Anguilla continues to target the
world of offshore financial business, offering favorable business
and tax structures and company formation. The same things that
make the country attractive to legitimate and high value
international customers with legitimate requirements for offshore
structures also make it attractive to money launderers attempting
to layer monies through systems that allow some degree of
anonymity. IBCs can be incorporated by company service
providers in Anguilla without the requirement to publicly register
shareholders or directors. Once incorporated, an IBC is capable
of holding assets and operating bank accounts, both on Anguilla
and in other jurisdictions. There have been cases where IBCs
were used as “flow through” accounts, facilitating the mingling of
monies, confusing money trails and generally assisting the
layering process in money laundering; there has only been one
instance where the money from suspected IBC abuse has
remained in Anguilla. IBC abuse is responsible for 33% of all
suspicious activity reports (17 of 51) since 2008. Analysis shows
the majority of IBC abuse is related to fraud in one form or
another.
While Anguilla’s present currency declaration system went into
place in 2009, it has remaining deficiencies and ambiguities that
need to be clarified and/or corrected.
The Criminal Justice (International Co-operation) (Anguilla) Act,
2000 enables Anguilla to directly cooperate with other jurisdictions
through mutual legal assistance. The US/UK mutual legal
assistance treaty concerning the Cayman Islands was extended to
Anguilla in November 1990. Anguilla is also subject to the U.S.
/UK Extradition Treaty.
Anguilla is a United Kingdom (UK) Caribbean overseas territory
and cannot sign or ratify international conventions in its own right.
Rather, the UK is responsible for Anguilla’s international affairs
and may arrange for the ratification of any convention to be
extended to Anguilla. The 1988 Drug Convention was extended to
Anguilla in 1995. The UN Convention against Corruption, the
International Convention for the Suppression of the Financing of
Terrorism, and the UN Convention against Transnational
Organized Crime (UNTOC) have not yet been extended to
Anguilla.
None applicable
____________________________________________________
Offshore Jurisdiction Blacklists
As a recognised offshore finance jurisdiction this country may fall
under various country offshore jurisdiction blacklists.
____________________________________________________
US State Department Money Laundering Report - 2011:
Anguilla is a United Kingdom (UK) overseas territory with a
population of approximately 12,900. There are very few offenses
committed on the island by the local populace that generate
substantial monies or profits from crime. The economy depends
greatly on its growing offshore financial sector and tourism. The
financial sector is small in comparison to other jurisdictions in the
Caribbean, but the ability to register companies online and the
use of bearer shares make Anguilla vulnerable to money
laundering. The biggest perceived money laundering threat in the
coming years will continue to come from abuses of the offshore
industry in relation to mutual funds, trusts, and international
business companies (IBCs). The Proceeds of Crime Act 2009
along with its attendant Code and Regulations make company
service providers and others more accountable.
Anguilla uses the East Caribbean dollar and its monetary authority
is the Eastern Caribbean Central Bank (ECCB). Seven other
island economies are also members of the ECCB: Antigua and
Barbuda, Dominica, Grenada, Montserrat, St Kitts and Nevis, St.
Lucia, and St Vincent and the Grenadines. The existence of this
common currency may raise the risk of money laundering, but
there is little evidence that the EC dollar is a primary vehicle for
money laundering.
DO FINANCIAL INSTITUTIONS ENGAGE IN CURRENCY
TRANSACTIONS RELATED TO INTERNATIONAL NARCOTICS
TRAFFICKING THAT INCLUDE SIGNIFICANT AMOUNTS OF US
CURRENCY; CURRENCY DERIVED FROM ILLEGAL SALES IN
THE U.S.; OR THAT OTHERWISE SIGNIFICANTLY AFFECT THE
U.S.: NO
CRIMINALIZATION OF MONEY LAUNDERING:
“All serious crimes” approach or “list” approach to predicate
crimes: Combined approach
Legal persons covered: criminally: YES civilly: YES
CRIMINALIZATION OF TERRORIST FINANCING:
Ability to freeze terrorist assets without delay: YES
UN lists of designated terrorists or terrorist entities distributed to
financial institutions: YES
KNOW-YOUR-CUSTOMER RULES:
Covered entities: Domestic and offshore banks, money transfer
agents, insurance companies, mutual funds and fund
intermediaries, company managers and service providers, trusts,
securities brokers and dealers, dealers in precious metals and
stones and high-value goods, lawyers, accountants, notaries, and
real estate agents
Enhanced due diligence procedures for PEPs: Foreign: YES
Domestic: NO
SUSPICIOUS TRANSACTION REPORTING REQUIREMENTS:
Covered entities: Domestic and offshore banks, money transfer
agents, insurance companies, mutual funds and fund
intermediaries, company managers and service providers, trusts,
securities brokers and dealers, dealers in precious metals and
stones and high-value goods, lawyers, accountants, notaries, and
real estate agents
Number of STRs received and time frame: 26 in 2010
Number of CTRs received and time frame: Not available
MONEY LAUNDERING CRIMINAL
PROSECUTIONS/CONVICTIONS:
Prosecutions: 14 in 2010
Convictions: 0
Assets forfeited: criminally: Not available civilly: Not available
RECORDS EXCHANGE MECHANISM:
With U.S.: YES
With other governments/jurisdictions: YES
Anguilla is a member of the Caribbean Financial Action Task
Force (CFATF), a FATF style regional body. Its most recent mutual
evaluation can be found here: http://www.cfatf-gafic.
org/downloadables/mer/Anguilla_3rd_Round_MER_(Final)
_English.pdf
ENFORCEMENT AND IMPLEMENTATION ISSUES AND
COMMENTS:
Anguilla continues to make progress in enforcement and
implementation. The 2009 Proceeds of Crime Act included
extending the prohibition of anonymous accounts to include
numbered accounts. However, Anguilla continues to target the
world of offshore financial business, offering favorable business
and tax structures and company formation. The same things that
make the country attractive to legitimate and high value
international customers with legitimate requirements for offshore
structures also make it attractive to money launderers attempting
to layer monies through systems that allow some degree of
anonymity. IBCs can be incorporated by company service
providers in Anguilla without the requirement to publicly register
shareholders or directors. Once incorporated, an IBC is capable
of holding assets and operating bank accounts, both on Anguilla
and in other jurisdictions. There have been cases where IBCs
were used as “flow through” accounts, facilitating the mingling of
monies, confusing money trails and generally assisting the
layering process in money laundering; there has only been one
instance where the money from suspected IBC abuse has
remained in Anguilla. IBC abuse is responsible for 33% of all
suspicious activity reports (17 of 51) since 2008. Analysis shows
the majority of IBC abuse is related to fraud in one form or
another.
While Anguilla’s present currency declaration system went into
place in 2009, it has remaining deficiencies and ambiguities that
need to be clarified and/or corrected.
The Criminal Justice (International Co-operation) (Anguilla) Act,
2000 enables Anguilla to directly cooperate with other jurisdictions
through mutual legal assistance. The US/UK mutual legal
assistance treaty concerning the Cayman Islands was extended to
Anguilla in November 1990. Anguilla is also subject to the U.S.
/UK Extradition Treaty.
Anguilla is a United Kingdom (UK) Caribbean overseas territory
and cannot sign or ratify international conventions in its own right.
Rather, the UK is responsible for Anguilla’s international affairs
and may arrange for the ratification of any convention to be
extended to Anguilla. The 1988 Drug Convention was extended to
Anguilla in 1995. The UN Convention against Corruption, the
International Convention for the Suppression of the Financing of
Terrorism, and the UN Convention against Transnational
Organized Crime (UNTOC) have not yet been extended to
Anguilla.
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| KnowYourCountry |
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| Last Updated: 16 April 2012 |