Cabinet Looking At ways to remove Antigua and Barbuda from EU’s Non- Compliant List

( Cabinet Notes ) The Cabinet invited to its meeting officials from the Financial Services Regulatory Commission (FSRC), the Inland Revenue Department (IRD), the Organization for National Drug and Money Laundering Policy (ONDCP), and lawyers from the Ministry of Legal Affairs. Jointly, the team is acting to remove Antigua and Barbuda from the European Union’s (EU) Non-compliant list to the Fully-Compliant list.  Implementation of certain laws and regulations requires consultations with stakeholders. Primary among the consideration, to meet the legal threshold, is the issue of ‘Beneficial Ownership’. The Cabinet was reminded how difficult it often is to find Beneficial Ownership when complex ownership structures define many corporations. Everyone has to be made to understand the urgency of being removed from the blacklist, the team agreed. Several deadlines must be met and cooperation amongst the agencies is extremely important