Antigua & Barbuda recently completed a three day National Risk Assessment (NRA) Workshop during the period 8th – 10th April 2015. The workshop was convened at the Antigua and Barbuda Hospitality Training Institute. The nation was being assisted by a team from the Financial Market Integrity Unit of the World Bank.
The NRA process involves a multi-sectorial approach and will comprise of several government and private sector agencies, departments and entities. The Office of National Drug and Money Laundering Control Policy (ONDCP) will be leading and coordinating this national effort.
At the opening ceremony, Lt. Col. Edward Croft, the Director of the ONDCP, stressed the importance of the NRA which will help to effectively detect, monitor and deter suspicious activities and allow for the allocation of resources to the relevant high risk areas. He further stated that in order for the NRA to be a success, the cooperation of all stakeholders is essential. He also encouraged the members of the workshop to do their best and despite the challenges not to be discouraged, deterred or distracted in the development of a thorough and professional assessment which will be used to strengthen the country’s AML/CFT framework.
Ms. Lisa Boswick, the World Bank Group Representative, in her remarks advised that the World Bank has committed high importance to money laundering and terrorist financing risk assessment and has actively helped client countries to assess these risks. The assessment aims to identify the primary money laundering and terrorism financing (ML/TF) risks in the country through a comprehensive analysis and enable the design of a fitting strategy and mitigating actions. Ms. Boswick reassured the members, that the World Bank is only here to provide technical assistance using a self assessment tool since the process is being led and undertaken by the national authorities.
Also at the opening ceremony delivering the feature address was Sen. Hon. Maureen Hyman-Payne, Parliamentary Representative in the Ministry of Legal Affairs who was representing the Attorney General. In her remarks, Sen. Hyman-Payne stated that on behalf of the Government of Antigua & Barbuda, she pledged the full commitment and support of the Government in the NRA process as we continue to fight against money laundering and the financing of terrorism. This risk assessment forms part of an effective anti-money laundering and counter financing of terrorism (AML/CFT) regime. The absence of this measure in a particular country permits money launderers and terrorist financiers to operate, using their ill-gotten gains to expand their criminal pursuits and advance illegal activities such as corruption, drug trafficking, and terrorism.
Sen. Hon Maureen H Payne
Sen. Hyman- Payne reminded the members present that the international authorities such as Financial Action Task Force (FATF) and Caribbean Financial Action Task Force (CFATF) in their assessment of Antigua and Barbuda’s fight against Money Laundering and Financing of Terrorism, that the country had made significant strides towards improving its AML/CFT infrastructure. In February 2014, Antigua and Barbuda having made satisfactory progress was removed from the FAFT ICRG review process. She further stated that if we do not know what our problems are, then we do not know how to address them. In conclusion she encouraged participants to stay focused as the government is looking forward to receiving the completed assessment report.
The process is divided into four working groups to cover the following areas: 1) National Security and Law Enforcement, 2) Banking and Securities Sector, 3) Designated Non-Financial Businesses and Professions (Car Dealerships, Real Property Businesses, Lawyers and Accountants, etc) and 4) the Insurance Sector.
The workshop then concluded with the working groups establishing a roadmap for the completion of this assessment. The importance of confidentiality was stressed and every member was reminded of maintaining the integrity of the process during next 9 months.
