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The late ticker: Antiguan bank probe

The Antiguan government is investigating six offshore banks with Russian and Ukranian links that US official have claimed were being run as money-laundering operations.

The Antiguan offshore bank inspectorate is preparing to close down a number of banks in the wake of a year-long investigation into the offshore banking industry on the Carribbean island, which concluded that relatively few of the banks could be regarded as legitimate.

Antigua has declared a moratorium on new offshore banking applications until tighter laws are enacted later this year. It has also asked Britain to send a permanent representative to help monitor the island's banking sector.