The dominos continue to fall from the Financial Action Task Force's (FATF) recent report on non-complying territories and nations, but this time the news is of a positive sort.
Antigua and Barbuda, a jurisdiction mentioned in the updated report released last month as being in line with international rules and regulations to cutback on money laundering, got another boost this week when the United Kingdom lifted a financial advisory on the Caribbean state.
The advisory had been in effect for more than two years, dating back to April 1999.
Economic Secretary to the Treasury, Ruth Kelly, told UK financial institutions in a statement that Antigua and Barbuda had shown progress in dealing with money laundering issues.
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". . . We are irreversibly dedicated to maintaining a clean jurisdiction where we can grow our financial services sector on legitimate business."
- Sir Ronald Sanders
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"In recognition of regulatory improvements, I have today revised the advice given to credit and financial institutions on their transactions and business relationships involving Antigua and Barbuda," the statement read.
Baroness Amos, the minister in the U.K. Foreign and Commonwealth Office responsible for the Caribbean, was happy to give the official seal of approval to Antigua and Barbuda, but admitted it was easy to do once the island government made the proper steps in reforming its banking system.
"We no longer believe that U.K. financial institutions need pay special attention to their dealing with persons or institutions domiciled in Antigua and Barbuda," she said. Amos congratulated "Prime Minister Lester Bird and the government of Antigua on the progress made in improving its legislative and regulatory regime in the international fight against money laundering."
Both officials called out Sir Ronald Sanders, the Antigua and Barbuda high commission in London, and thanked him for his efforts in helping the country gain international approval.
Sanders deflected credit from the improved banking system to the fulltime government officials of the country.
"My government is absolutely delighted at this great news," he said. "Led by Prime Minister Bird, we have worked very hard to ensure that Antigua and Barbuda applies the highest international standards in the fight against money laundering. We are irreversibly dedicated to maintaining a clean jurisdiction where we can grow our financial services sector on legitimate business."
Gaining approval by the FATF, a G7 grouping, played a major role with the UK also signing off on the jurisdiction, according to Sanders. The country was listed as a "fully cooperative jurisdiction in the prevention of money laundering."
Now that progress has been made in the region, Sanders said there is no talk of regressing to the old form.
"We passed all the FATF criteria as a nation that resists money laundering and financial crime, and we intend to remain that way," Sanders said.