Antigua And Barbuda Forges Ahead In Money Laundering Fight

by Amanda Banks, Tax-News.com, London

29 August 2001

Following the lifting of the US financial advisory on Antigua and Barbuda last week, the offshore jurisdiction appears to be steaming ahead in the fight against money laundering and organised crime, and has offered itself as the base for a proposed rapid response unit for the Organisation of Eastern Caribbean States (OECS) region.

The idea, which was first mooted by the territory's Prime Minister, Lester Bird, has been hailed by the US as 'visionary', and $250,000 has been allocated by the States to help lay the administrative foundations. At the opening of the Office of National Drugs and Money Laundering Control Policy, a high-tech regional and international information exchange unit, acting US Ambassador to the OECS, Ronald Bullen hinted that there could be more good news in the future, possibly in the shape of continued funding: 'We are seeking a long-term funding commitment on this worthwhile concept from the US Congress,' he revealed.

At the same ceremony, Prime Minister Bird expressed the jurisdiction's continuing commitment to combatting money laundering activities and organised crime, clearly delighted by the clean slate recently afforded to the territory, but stressed the need for the Caribbean Community (Caricom), of which the nine nation OECS is a part, to pull together and pool resources. 'Antigua and Barbuda is willing to work with any donor government or group of governments and any Caribbean government or group of governments that are willing to make a start for the creation of a rapid response unit,' he announced at the weekend.

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