Money Laundering Concerns -ABCS

As the business sector prepares to engage in talks about anti-money laundering (AML) regulation, the Antigua and Barbuda Coalition of Service Industries (ABCSI) continues to voice its concerns over non-compliance. A release from ABCSI indicates that businesses mandated by anti-money laundering regulations must set up a program to comply with the law.  These programs must Establish written Policy and Procedures, Designate a Compliance Officer, Provide ongoing Training to staff & owners and Conduct independent AML audit. The group further explains that worldwide terrorism, corruption of government officials, human trafficking, arms smuggling and tax evasion have made anti-money laundering a pressing international issue in recent years, leading to a Foreign Account Tax Compliance Act (FATCA), expected to impact countries such as Antigua and Barbuda. To this end, the Coalition of Service industries in collaboration with Compliance Aid Michelle Martin will be hosting a practical session “Anti-Money Laundering and FATCA” on Thursday to aid businesses in becoming compliant.  This seminar is a part of a series of activities organized by ABCSI which aims to not only sensitize but equip service providers to address some of the strategic deficiencies in their businesses currently as well as to be prepared for the legislative and institutional reforms that are taking place. The Foreign Account Tax Compliance Act (FATCA) will also be discussed at the seminar.