Baldwin Spencer Government to tighten legislation

The Baldwin Spencer administration has signaled that it will be tightening the money laundering laws following the alleged multi billion US dollar fraud involving Texan investor Allen Stanford.



In outlining the government’s policies and programmes for the year ahead, Antigua’s Governor General, Dame Louise Lake-Tack, said there would be attempts to strengthen the legislative framework that governs the off-shore financial regime



She cited the International Business Act, the Money Laundering (Prevention) Act, and the Proceeds of Crime Act as laws in need of review and possible consolidation.



Allen Standford is in a Texas jail facing charges of orchestrating the massive fraud through Stanford International Bank.



Antigua and Barbuda’s former chief financial regulator, Leroy King, has also been under house arrest.



This follows allegations that he received kickbacks for ignoring the alleged wrongdoing at the Stanford financial empire.