ST. JOHN'S, Antigua - Having seized control of Robert Allen Stanford's two banks in recent days, Antiguan government officials are now pledging to work closely with American regulators to investigate their offshore banking system, long suspected by federal officials of being a center for laundering money from around the region.
"We are prepared to cooperate fully with the Americans in probing this whole affair," Prime Minister Winston Baldwin Spencer said last week. He added that the scandal "has serious implications" for the offshore banking sector.
That acknowledgment countered statements only two weeks ago by local bank regulators that the financial system in Antigua was absolutely clean. It comes after the Securities and Exchange Commission accused Stanford in a civil complaint of engaging in an $8 billion fraud involving high-yielding certificates of deposit sold by an offshore bank here. Stanford has not been criminally charged.
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