From left: Lt. Colonel Edward Croft – Director of Office of National Drug and Money Laundering Control Policy; Rick McDonell – Executive Director at Association of Certified Anti-Money Laundering Specialists; Josee Nadeau – past Canadian delegate to the Financial Action Task Force.
ANGUILLA–Government, public and private personnel in Anguilla’s financial industries were welcomed to the Financial Services Commission’s annual Industry Day by Acting Chairman Ralph Hodge, on Monday, December 3. He outlined the day’s topics and panel discussions, saying, “The initiatives to be discussed include the National Risk Assessment (NRA) exercise necessary to ensure compliance with international standards on anti-money laundering and terrorist financing; discussion on recently enacted innovative legislation like the Anguilla utility token offering; and recent amendments to the insurance act.”
Acting Governor Perin Bradley noted the challenges facing the financial services industry in Anguilla, given the issue of compliance and the continually moving goal-posts imposed by international standards which are both burdensome and expensive to service providers. “However,” he said, “I am impressed in the way the government and the regulators in the industry continue to work together to address these challenges and explore avenues to turn these challenges into opportunities. The Governor’s Office is committed to lending its ongoing assistance to ensure that we make the most of the challenging global context in which we are operating.”
Cora Richardson-Hodge, who is currently Acting Chief Minister, said, “Despite the events of last year which tested Anguilla’s mettle and created huge challenges, it is noteworthy how quickly the financial services industry was back up and running and open for business within days of Hurricane Irma’s passage. Now, the underlying economies of Anguilla and other Overseas Territories (OTs) and Crown dependencies are under attack by international standard-setting bodies and taxation. The government of Anguilla is well aware of these challenges facing the industry and endorses the concept that a cooperative and collaborative effort is necessary to ensure that Anguilla can continue to move forward successfully.”
She said the NRA exercise was a necessary step to ensure compliance with the Financial Action Task Force’s standards for anti-money laundering and for combatting terrorism financing. “It requires a national approach to ensure the risks associated with money laundering and terrorism financing that may affect our country are identified, understood and effectively mitigated,” she said. “The government recognises the significance of our international financial services sector to the Anguilla economy and is committed to working together with the regulators and the industry to pursue initiatives to take advantage of opportunities in a fast-changing environment while meeting international standards.”
The meeting continued all day and was spent on discussions addressing the three agenda topics: Anguilla’s NRA development and execution; opportunities, issues and trends in the insurance sector; and the Anguilla utility token offering.
Source: The Daily Herald https://www.thedailyherald.sx/islands/83267-important-talks-held-on-financial-services-commission-industry-day
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