ANTI-MONEY LAUNDERING IN ANGUILLA

Money laundering is defined by Cambridge Dictionary as “the crime of moving money that has been obtained illegally through banks and other businesses to make it seem as if the money has been obtained legally.”

Anguilla, located in the Eastern Caribbean, like every part of the world is susceptible to money laundering threats. Money laundering is a serious crime. In Anguilla Anti-money laundering laws and systems are in place to combat this activity.

The anti-money laundering laws in place in Anguilla include the “Anti-Money Laundering and Terrorist Financing (Amendment) Regulations, 2018” and the “Revised Statutes of Anguilla Chapter P98 Proceeds of Crime Act” which are effective to combat money laundering activities and deter persons from engaging in any such behaviour. The Government of Anguilla, the Royal Anguilla Police Force and the Anguilla Financial Services Commission are some of the institutions that work hard to put such regulations and laws in place and implement them to combat money laundering activities, thus allowing Anguilla to be in compliance with International Money Laundering standards.

Current procedures in place in Anguilla require banks and company managers in Anguilla to conduct a thorough due diligence check on their clients to ensure that their clients’ information stays up to date. They are also required to conduct background checks on their clients, to ensure that their clients are not involved in any criminal activities. Should any person interested in conducting business in Anguilla be confirmed as having any serious criminal records or prior money laundering charges, it is required that the person be immediately reported to the Financial Services Commission and the Royal Anguilla Police Force. It is also required that a background check be completed to ensure that the company or individual wishing to conduct business in Anguilla has a legit business/company with a real source of income.

In Anguilla, money laundering is considered a criminal offence and can result in some serious charges being brought against the accused, once convicted of the crime