Anguilla, which is striving to develop the offshore financial business as a second industry, is playing it safe by ensuring that all necessary steps are taken to keep the island’s reputation crime-free and above reproach. A number of specially-designed laws, some probably thought to be quite rigid, have already been put into place and there are other ongoing activities related to due diligence and compliance.

Mr. John Lawrence (sitting) and Governor Andrew George

The most recent activity has been a day and a half Training Seminar on Tuesday and Wednesday, August 1 and 2 respectively on Anti-Money Laundering and the Combating of Financing of Terrorism. It was arranged by the island’s Financial Services Commission in conjunction with the US Department of The Treasury, Office of Technical Assistance and with the support of the Anguilla Financial Services Association (AFSA).

Director of the Financial Services Commission, John Lawrence, remarked that it was almost four years since a similar seminar was held on the important topic by the training arm of the Caribbean Financial Action Task Force at the time. “It is therefore both timely and appropriate to update the financial services industry on current issues of money laundering and terrorist financing,” he wrote in a press release. “The seminar is of specific application to those persons involved in a compliance function within financial services companies…The Commission is particularly grateful to the Office of Technical Assistance, to the US Department of The Treasury and the Anguilla Financial Services Association for their valuable support.”

The guest speaker, who addressed the seminar participants, was recently-appointed Governor, His Excellency Andrew George. This is what he told them in his short address:

“Money laundering is a pernicious practice which serves to fuel a wide range of criminal activity. Such diverse activities as drug trafficking, people smuggling and international terrorism, with the terrible consequences which flow from them, are all made possible by the channelling of illegally-acquired funds. The manipulation of financial transactions, which may appear to be only figures on paper or digital records, is closely linked to ruined lives and murdered innocents.

Mr. John Lawrence (sitting) and Governor Andrew George

“If this kind of activity is to be combated, it is essential that international criminal networks are matched by equally well-integrated networks to enforce the law. Law enforcement will be effective only if those engaged in the financial services industry are alert and conscientious in living up to their responsibilities. Criminals can and will be defeated if banks and other institutions take care to know their customers, keep meticulous records and ensure that staff are fully-trained in recognising suspicious transactions. Once a transaction is recognised as suspicious, it must be promptly reported to the competent authorities so that appropriate action can be taken.

“Enforcement of the law cannot be left only to the authorities. The rest of society cannot evade responsibility. People working in the financial sector have a duty to look out for those who want to use their services for dishonest purposes. Anguilla’s reputation as a financial services centre will be enhanced, and its prosperity increased, if it is known that standards are high and that illicit business is not tolerated. You will have a part to play in making this happen. I hope you will find this seminar instructive and interesting and will apply what you learn in your everyday business.”
The seminar held at the Teachers’ Resource Centre covered, among other matters, the basic tools of money laundering and terrorist financing; general and specific vulnerabilities to the financial services industry including the insurance sector; compliance controls that need to be put in place; the role of the compliance officer; an update on Anguilla’s current anti-money laundering legislation and regulations; and the role of the Money Laundering Reporting Authority and issues surrounding the reporting of suspicious transaction.
The seminar presenters were Nyron L. Davidson, Resident Adviser at the Office of Technical Assistance (OTA) for the Caribbean region; Joseph Cohen, another OTA Adviser for the Insurance Sector; John Lawrence, Director of the Anguilla Financial Services Commission and Detective Inspector Bernard Watson of the Financial Intelligence Unit.

Section of the participants from Law offices and other companies

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