On Monday 16 July, the United Kingdom government announced the removal of the financial advisory that it has imposed on Antigua and Barbuda since April 1999.
In a revised advice statement to financial institutions in the UK, Economic Secretary to the Treasury, Ruth Kelly, said: 'In recognition of regulatory improvements I have today revised the advice given to credit and financial institutions on their transactions and business relationships involving Antigua and Barbuda. We no longer believe that UK financial institutions need pay special attention to their dealing with persons or institutions domiciled in Antigua and Barbuda.'
Baroness Amos, the Minister in the UK Foreign and Commonwealth Office responsible for the Caribbean, welcomed the Treasury decision as she expressed her congratulations to 'Prime Minister Lester Bird and the government of Antigua on the progress made in improving its legislative and regulatory regime in the international fight against money laundering.'
Commenting on the lifting of the Advisory, the Antigua and Barbuda High Commissioner, Sir Ronald Sanders, said: 'My government is absolutely delighted at this great news. Led by Prime Minister Bird, we have worked very hard to ensure that Antigua and Barbuda applies the highest international standards in the fight against money laundering. We are irreversibly dedicated to maintaining a clean jurisdiction where we can grow our financial services sector on legitimate business.'
The High Commissioner noted that the Financial Action Task Force (FATF), has also declared Antigua and Barbuda a 'fully cooperative jurisdiction in the prevention of money laundering.' He added: 'We passed all the FATF criteria as a nation that resists money laundering and financial crime, and we intend to remain that way.'
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