The National Oversight Committee on Financial Action Hosts Workshop on the National Risk Assessment Process for the Private Sector
The National Oversight Committee on Financial Action (NOCFA) hosted a Workshop on the National Risk Assessment (NRA) Process for private sector stakeholders.
This workshop, held at the Financial Services Regulatory Commission (FSRC), marked a critical step in ensuring the private sector’s active engagement in strengthening Antigua and Barbuda’s financial system.
Thirty-five (35) participants from a diverse range of sectors, including commercial banks, insurance companies, credit unions, money service businesses, corporate service providers, CIP agents, AML/CFT consultants, non-profit organizations (NPOs), car dealerships, and the development bank, convened to gain insights into the updated NRA methodology and their role in safeguarding the nation’s financial integrity.
The workshop was also attended by stakeholders from the Eastern Caribbean Central Bank (ECCB) and the Antigua and Barbuda Intellectual Property and Commerce Office (ABIPCO), both esteemed members of NOCFA.
The workshop opened with remarks from Director Edward H. Croft, Chairman of NOCFA, who emphasized the collaborative nature of the NRA process:
“This workshop demonstrates the government’s commitment to building a secure and transparent financial environment. By involving private sector stakeholders, we reinforce our collective responsibility to combat financial crimes and uphold global standards.”
PS Edson Joseph, Permanent Secretary in the Office of the Prime Minister, delivered the keynote address, underscoring the importance of partnerships in addressing financial risks.
He reiterated the Attorney General’s recent call to action during the NRA launch for all stakeholders to actively engage and collaborate, as every effort is crucial in identifying gaps and strengthening the country’s defenses.
This workshop forms part of a broader initiative launched on January 27, 2025, which saw the Attorney General officially unveil the updated NRA.
The initiative underscores Antigua and Barbuda’s commitment to aligning with international standards, fostering transparency, and ensuring financial resilience.
Stakeholders can expect further engagement through five dedicated working groups, designed to collect data and foster collaboration in areas such as risk identification, mitigation, and policy development.
The updated National Risk Assessment reflects the government’s commitment to safeguarding the nation’s financial system while fostering sustainable growth and prosperity for all citizens.
About NOCFA
Operating under the Prime Minister’s Ministry, the National Oversight Committee on Financial Action (NOCFA) provides strategic oversight and leadership to combat financial crimes and uphold international standards, ensuring the security and resilience of Antigua and Barbuda’s financial system.
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