Appendix 3: Territory Issues. We are looking at the recently published National Audit Office Report titled “Managing Risk in the Overseas Territories”. Appendix 3 contains what John Bourn, the Comptroller and Auditor General, considers the most significant issues relating to
Anguilla’s financial services industry contributes some 15 per cent of GDP, making it the second, albeit minor sector in
- Recommendations made by UK-appointed consultants in 2000 in respect of companies and credit union legislation have not been implemented.
- An International Monetary Fund Report in 2003 referred to the need to broaden the professional and managerial capacity of the Anguilla Commission, and to the absence of sufficient skilled persons to analyse and investigate suspicious transaction reports.
- There are doubts over the extent of compliance with “know your customer” requirements. The International Monetary Fund’s 2003 review of
- The Anguillan regulator’s policy towards non-compliance in anti-money-laundering practice has been to encourage raised standards through education, rather than to apply sanctions on the most deficient agents. It is not evident that this has been a successful strategy. Police and Industry sources in
NAO Conclusion: The Department, supported by other UK Departments, needs an integrated approach to addressing regulatory under-capacity in Anguilla, the Turks and Caicos Islands, and
I thought it quite extraordinary that recommendations made by consultants since the year 2000 had not yet been implemented. The only conclusion can be that there was something quite objectionable in the recommendations. But, as we do not know what they were, we cannot be sure. I was astonished to learn that