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Antigua and Barbuda Faces Compliance Risks in Finance

In its quest to become a major financial services jurisdiction, Antigua and Barbuda’s Financial Services Regulatory Commission (FSRC) is committed to upholding internationally recognized standards of compliance. However, the jurisdiction still faces significant compliance risks that could compromise its reputation as a well-regulated financial center.

Background

The international financial services sector in Antigua and Barbuda began with the enactment of the International Business Corporations Act in 1982. Since then, the jurisdiction has grown significantly, attracting numerous financial institutions and investors from around the world. However, this growth has also brought its own set of challenges, including compliance risks that could have serious consequences if left unchecked.

The Financial Services Regulatory Commission Act

The FSRCA, enacted in 2013, provides the legislative framework for the Commission’s operations. The Act sets out the regulatory laws under which the Commission functions and outlines its principal functions. However, despite these efforts, compliance risks remain a major concern.

Principal Functions of the Commission

According to Section 5 of the Act, the principal functions of the Commission include:

  • Regulating and supervising financial institutions
  • Licensing and registration
  • Enforcement of regulatory requirements

Compliance Risks

Despite the efforts of the FSRCA, Antigua and Barbuda still faces significant compliance risks that could compromise its reputation as a well-registered financial center. The jurisdiction must continue to work towards addressing these risks in order to maintain its position as a major financial services jurisdiction.

Importance of Addressing Compliance Risks

The jurisdiction’s reputation as a well-regulated financial center is at stake if compliance risks are not addressed. It is crucial for Antigua and Barbuda to continue working towards improving its compliance framework to ensure that it remains a competitive and attractive destination for international investors.