AS ADDITIONAL INFORMATION SURFACES ON ANGUILLA IBC SCANDAL, COMPLIANCE OFFICERS SHOULD CONSIDER BLACKLISTING THE JURISDICTION FOR ALL INTENTS AND PURPOSES

We have just now received additional details regarding the situation in the British Overseas Territory of Anguilla, which we intend to share with our readers, but we consider that information so egregious, that we urge our compliance officer readers to act as the Financial Action Task Force (FATF) used to do with such cases, and blacklist it as a Non-Cooperative Territory.

While regulators no longer place a blanket blacklist on a jurisdiction for serious cases of rampant money laundering, financial crime, fraud and even official corruption, it is up to individual compliance officers, now working under a mandatory risk-based compliance regime, to make that decision, as it applies to their bank or non-bank financial institution. When conditions permit, we will specify the grounds for our statement regarding the threat level represented by the jurisdiction's international business corporation and Registry.