United States Lifts Financial Advisory On Antigua & Barbuda

by Mandy Robinson, Tax-News.com, London

23 August 2001

The US Treasury Department has finally removed its financial adivsory imposed against Antigua & Barbuda since April 1999.

In its notice to banks and other financial institutions in the United States advising them the advisory is lifted with effect from 21 August, 2001, the Financial Crimes Enforcement Network (FinCEN) stated: 'Antigua & Barbuda has enacted significant reforms to its counter-money laundering system ... and has taken concrete steps to bring these reforms into effect. Because of the enactment of new laws and the beginning of effective implementation, enhanced scrutiny with respect to transactions involving Antigua & Barbuda is no longer necessary.'

Sir Ronald Sanders, the Islands' senior Ambassador and lead negotiator on international financial services, praised the 'vision and courage' of Antigua & Barbuda's Prime Minister Lester Bird for 'spearheading the Government's resolve to ensure that Antigua & Barbuda's anti-money laundering regime meets the highest international standards.'

He added: 'Prime Minister Bird's determination to give Antigua & Barbuda a clean reputation in the international community has paid off. This is a triple achievement for Mr Bird's efforts. Antigua & Barbuda was recognised by the FATF Task Force as a fully cooperative jurisdiction against money laundering, the United Kingdom Government lifted its financial advisory on 16th July and now the United States has recognised the considerable reforms that the Antigua and Barbuda government has made.'

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