The United Nations Offshore Forum, which set recommended standards for money-laundering controls in offshore jurisdictions at its regular meeting in the Cayman Islands last month, has scored its first success with the weekend signing of a 'letter of commitment' by Antigua and Barbuda.
Signing on behalf of the United Nations Drug Control Programme (UNDCP), Dr Michael Platzer, Caribbean Representative, said that technical assistance would be given to jurisdictions like Antigua to bring their regimes into conformity with the standards.
Attorney-General Dr Errol Cort, who signed on behalf of Antigua, said he hoped that signing the letter of commitment would encourage the US to lift the financial advisory it issued last April. The US acted after the Treasury Department criticised loosening of the regulatory regime for banking and financial services; Antigua has in fact recently tightened up its regime. ``We wanted to send a strong and unequivocal message to the international community in respect of this direction,'' said Dr Cort.
Dr Platzer praised the Antiguan government, anti-money laundering officers and law enforcement authorities for their 'strong will to do things about money laundering and real dedication to fighting international financial crime.'
He thought that the financial advisory could be lifted: 'I think this is an important piece of paper in that direction and I understand that there good chances that it will be lifted' Platzer said. The UN, he said, would now be in a better position to give an objective assessment of the situation through the presence of its prosecutors here
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