UN Wire Alert

Tuesday, April 18, 2000

MONEY LAUNDERING: Antigua And Barbuda Promises Support To UN

The Caribbean nation of Antigua and Barbuda pledged its support for a UN initiative to combat money laundering by increasing communication and monitoring transactions, Attorney General Errol Cort said Friday.

Cort said he sent a letter to UN officials pledging his government's commitment to the principles of the agreement reached at a March conference in the Cayman Islands. The UN Office for Drug Control and Crime Prevention has promised to provide technical, advisory and legal assistance, he said.

The new initiative encourages banks to become familiar with customers' transactions in order to notice irregularities. The initiative also promotes a freer flow of information in the normally secretive offshore banking industry. There are no sanctions for failure to comply with the initiative.

"We are of the view that in order to develop a well- and highly-respected international financial sector, we must ensure that our jurisdiction is not tainted with any accusation of money laundering," Cort said.