On August 31, 2006,  after the inspection of all company managers and trust companies, Anguilla Financial Services Commission has published a letter to all Licensed Practicioners. The letter includes some general observations as to the compliance of the investigation results with the Antimoney Laundering Regulations 2000 and Guidance Notes. One of the main issues of the document is informing the service providers on the role of the Money Laundering Reporting Authority and the function it plays in ensuring compliance with the AML Regulations. Service providers need to ensure that all their staff should be aware of the conditions under which a suspicious transaction should be made.


Other facts pointed by the Commission include the following:

  1. The Commission expects from service providers better compliance with the requirement to bring the files up to date with the AML Regulations;
  2. Many client questionnaires used by service providers do not correspond fully to required identification procedures;
  3. Client files should be properly organized, the due diligence documents being kept separately from correspondence;
  4. Service providers should clearly ascertain the source of funds for company formation, the estimated level of company turnover and the reason why  the client establishes the relationship with the particular service provider;
  5. Service providers should document what they have done in respect to client instructions;

The Commission also reminds service providers on the requirement for company managers and trust companies to maintain books and records in Anguilla that reflect their business.

The letter by the Commission informs that new Anti Money Laundering Regulations will be issued shortly, which will clarify further due diligence procedures, and will require that the Anguillan practitioner must take ultimate responsibility for due diligence compliance. This  requirement is included in the FATF/CFATF recommendations.

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August 24, 2006 The Anguilla Financial Services Commission has revoked the general trust licence which was issued to Stewart Trust Limited, formerly known as Sterling Trust (Anguilla) Limited, and announced this in Notice of Revocation as follows:

Notice of revocation – Steward Trust Limited formerly known as Sterling Trust (Anguilla) Limited

The Financial Services Commission wishes to advise that it has today revoked the general trust licence issued to Steward Trust Limited under the Trust Companies and Offshore Banking Act 2000 under its powers set out in section 29 of the Financial Services Commission Act 2003. Steward Trust Limited was formerly known as Sterling Trust (Anguilla) Limited and was operated from the Bahamas by Howell and Vernice Woltz through their Bahamian entity known as Sterling ACS Ltd. This notice is issued under section 37 of the Trust Companies and Offshore Banking Act 2000.

Carlyle K. Rogers Deputy Director

24th August 2006

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30/09/2006
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31/08/2006
Anguilla Financial Services Commission issued a letter regarding  compliance of company managers and trust companies with the Anti-Money Laundering Regulations.
24/08/2006
Anguilla Financial Services Commission has published the Notice of Revocation of the licence of Stewart Trust Limited, formerly known as Sterling Trust (Anguilla) Limited.