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International Monetary Fund

institutions to file STRs, streamlined Regulations and Guidance Notes, and the implementation of a program of periodic compliance inspections by the FSD/FSC, particularly for the CSP sector. In addition, there is a need for enhanced awareness and training in the regulated sectors as well as improvements in the staff capacity of the FSD/FSC. As implementation of the AML/CFT laws improves, the number of STRs is expected to increase which will require enhancement of staffing capacity for the Money Laundering Reporting Authority (Anguilla’s financial intelligence unit).

International Monetary Fund

supervision of insurance intermediaries. The FSD is responsible for the supervision of insurance companies. 29. Securities/Funds . The Eastern Caribbean Securities Exchange is based in the ECCB in St. Kitts. ECCB member countries have introduced a Securities Act and ten subsidiary Regulations. The authorities plan to introduce mutual funds legislation in an effort to diversify the offshore sector. 30. Anti-Money Laundering . The principal legislation consists of the Proceeds of Criminal Conduct Act, the Money Laundering Reporting Authority Act, the Drug Trafficking

International Monetary Fund
Anguilla is in the process of strengthening its legal and supervisory framework, which includes the creation of an operationally independent regulatory body, the Financial Services Commission. Priority should be given to improving the system for suspicious transaction reports, enhancing the customer due diligence requirements for introduced business, and conducting onsite inspections of company and trust service providers. The aim is to issue regulatory and industry codes that broadly meet the recommended best practices as contained in the draft Offshore Group of Banking Supervisors’ Statement.
International Monetary Fund

into account in determining whether a person has complied with the Regulations. A number of recommendations were made to improve the legislative and regulatory framework, particularly in the areas of extradition, affirmative requirements for financial institutions to file suspicious activity reports (STRs), and streamlined Regulations and Practice Code. The Regulations and the Code also require enhancements in the area of customer due diligence. The legal role and capacity of the financial intelligence unit (Money Laundering Reporting Authority) should be

International Monetary Fund

committee LCQ Licensing Criteria Questionnaire MOU Memorandum of Understanding MFD Monetary and Financial Systems Department MLAUO Mutual Legal Assistance (USA) Ordinance 1990 MLRA Money Laundering Reporting Authority ORA Overseas Regulatory Agency ORRAO Overseas Regulatory Authority (Assistance) Ordinance 2001 PCMLR Proceeds of Crime (Money Laundering) Regulations 1999 PCO Proceeds of Crime Ordinance 1998 PCODCTO Proceeds of Crime Ordinance 1998

International Monetary Fund

three of the MOUs with overseas regulators. Anti-money laundering 19. The principal AML legislation includes the Proceeds of Crime Act; the Money Laundering Reporting Authority Act; the Drug Trafficking Offences Act; the Criminal Justice (International Cooperation) Ordinance; the Exchange of Information Act; Regulations; the Practice Code on the Prevention of Money Laundering; and the Anti-Terrorism (Financial and other Measures, Overseas Territories) Order. 20. Much progress has been achieved in the AML/CFT legislative and regulatory framework but more

International Monetary Fund
This paper assesses the observance of financial sector supervisory standards of Montserrat in the context of a Module 2 offshore financial center assessment. It reviews the extent to which the regulatory and supervisory arrangements for the offshore financial sector complied with internationally accepted standards in the offshore banking sector. The assessment also includes an evaluation of measures related to antimoney laundering and combating the financing of terrorism (AML/CFT) based on the AML/CFT methodology, which was endorsed by the Financial Action Task Force (FATF).
International Monetary Fund

Definition) Status as of 25 July 2003 Albania: Drejtoria e Bashkerendimit te Luftes Kunder Pastrimit te Parave (DBLKPP) Directory of Co-ordinating the Fight Against Money Laundering Andorra: Unitat de Prevenció del Blanqueig (UPB) Money Laundering Prevention Unit Anguilla: Money Laundering Reporting Authority (MLRA) Antigua and Barbuda: Office of National Drug and Money Laundering Control Policy (ONDCP) Argentina: Unidad de Información Financiera (UIF) Aruba: Meldpunt Ongebruikelijke Transacties - Ministerie van Financiën (MOT

International Monetary Fund
This paper reviews Financial Sector Regulation and Supervision for Turks and Caicos Islands (TCI). The TCI has a structure for financial supervision that encompasses banking, insurance, mutual funds, investment brokers, trusts, trustees, companies’ registration, and company service providers. The supervisory framework has undergone major modifications since 2000, but further strengthening of the legal and institutional framework is needed. The Financial Services Commission has been transformed into a statutory body and given additional autonomous powers for supervision. Underlying financial ordinances have been amended to bring them more in line with international standards.
International Monetary Fund. Legal Dept.
This paper discusses key findings and recommendations of the Detailed Assessment Report on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) for Rwanda. Rwanda has taken considerable steps over the last years to establish a national AML/CFT framework. The Rwandan authorities have made great progress in modernizing the financial sector, and aim at making it more attractive to foreign investors. Although the risks of money laundering and terrorist financing do not appear to be particularly significant in Rwanda, further action should be taken to bolster the legal framework, improve its implementation, strengthen overall supervision of reporting entities within the financial sector, and mitigate the potential domestic and cross-border risks.