Myth: Money Laundering is exclusive to offshore jurisdictions

Fact: Money laundering or the practice of trying to make legitimate illegally derived proceeds, occurs most of the time in the world's major financial centres as opposed to small offshore jurisdictions. This is understandable, as most of the world's financial transactions occur in these centres.

Money Laundering is to be found everywhere. In order to prevent it, many jurisdictions have monitoring and reporting legislation in place. Anguilla actually has legislated practices that exceed international best practices. For example, customer records are to be kept on file for 7 years after termination instead of the international requirement of 5 years. The net result, while you cannot stop all money laundering activities, there is a greater chance of reducing the amount of money laundered through Anguilla offshore banks. (Review)