The Antigua and Barbuda Office of National Drug and Money Laundering Control Policy (ONDCP) and
the Eastern Caribbean Central Bank (ECCB) are finalising an agreement to partner on anti-money laundering measures.
Preliminary results from the rapid damage and loss assessment jointly conducted with the World Bank, the UN, the Caribbean Development Bank,
the Eastern Caribbean Central Bank, and the European Union, estimate that Hurricane Maria brought damage and losses of over 200 percent of annual GDP, equivalent to approximately US$ 1.
The Eastern Caribbean Central Bank licenses and supervises domestic commercial banks.
The Eastern Caribbean Central Bank sounded an alert to be on guard for circulation of counterfeit EC$100 notes within the Eastern Caribbean region, reports Caribbean360.
The Eastern Caribbean Central Bank (ECCB) issues the EC$, manages monetary policy, and regulates and supervises commercial banking activities in its member countries.
Antigua's government, which gave Stanford a knighthood in 2006, and
the Eastern Caribbean Central Bank announced the takeovers on Friday, after a rush by depositors this week to withdraw their funds from Stanford banking affiliates.
Governor Dwight Venner of
the Eastern Caribbean Central Bank said: "There has been an unusual and substantial withdrawal of funds by depositors from the bank precipitated by recently published statements regarding the chairman of the board of directors of the bank, which has the potential to create severe liquidity problems.
The website cited
the Eastern Caribbean Central Bank (ECCB) as the source for its information.
Under
the Eastern Caribbean Central Bank charter, money in circulation must be backed by a minimum 60 percent of foreign reserves and that sum now stands at 90 percent.
Two key components are
the Eastern Caribbean Central Bank, which issues the Eastern Caribbean Dollar and supervises both domestic and offshore banks in the region, and the Eastern Caribbean Securities Exchange, which opened in 2002.
The Eastern Caribbean Central Bank said that during the evacuation nearly a million Eastern Caribbean dollars, worth about pounds 188,000, had gone missing after being left in a reinforced concrete bank vault.
