The alleged Ponzi scheme perpetrated by American turned Antiguan citizen, R. Allen Stanford, will force a restructuring of the country`s financial system.
Antigua and Barbuda`s Governor General, Dame Louise Lake-Tack, on Monday said the country`s financial laws will be amended to ensure adequate monitoring and strict compliance with anti-money laundering requirements.
Lake-Tack made the comments during her annual speech to Parliament laying out the government`s agenda. `The Financial Services Regulatory Commission will be seeking amendments wherever necessary to the legislative and regulatory frameworks that buttress our off-shore financial regime,` said the GG.
Amendments will be made to the International Business Act, The Money Laundering (Prevention) Act, and The Proceeds of Crime Act.
She also used her speech to accuse Stanford of compromising Antigua`s regulatory integrity.
Stanford is awaiting trial in a Houston jail on charges that he allegedly defrauded some 28,000 investors out of $7 billion by selling them what U.S. authorities say were bogus certificates of deposits from the Antigua-based Stanford bank.
Antigua`s National Honors Committee recently voted unanimously to revoke Stanford`s title for embarrassing the nation.
So according to Governor General Dame Louise Lake-Tack it was all Stanford's fault that Antigua's regulatory integrity was compromised.
ReplyDeleteHere's a news flash it was BECAUSE Antigua's regulatory committee WAS corrupt that Allen Stanford was able to offer bribes to cover up his massive fraud.
Stop blaming everybody else and take some responsibility for your countries failure and you might gain more respect around the world!