The Treasury says financial institutions should apply 'normal' due diligence procedures when undertaking transactions with businesses based in Antigua and Barbuda.
This followed a decision yesterday to revise advice on the back of improved financial regulations implemented by the islands.
Economic secretary to the Treasury, Ruth Kelly, said: ‘In recognition of regulatory improvements I have today revised the advice given to UK credit and financial institutions on their transactions and business relationships involving Antigua and Barbuda.’
She said it was no longer necessary for UK financial organisations to pay special attention to their dealings with ‘persons or institutions domiciled in Antigua and Barbuda’.
But, she said, the system was far from perfect, adding that there was still ‘signficant room for improvement in Antigua’.
In this regard, the UK government will continue to provide technical assistance to the island to meet the highest standards in fighting money laundering.
‘The UK government will continue to monitor the situation in Antigua, and will re-issue its original warnings if it believes that the new systems are not working properly,’ Kelly promised.
The announcement was welcomed by foreign minister Baroness Amos who congratulated Antigua on the progress they had made.
The revised advice can be read on the British Banking Association websiteLinks