Financial Crime World

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Financial Regulators Take Reins in Antigua and Barbuda

Antigua and Barbuda’s financial services sector is being closely watched by international regulators, with the country’s stand-alone legislation taking effect in 2013 to ensure compliance with global standards.

A Brief History of the Financial Services Regulatory Commission (FSRC)

The FSRC was established to oversee the country’s financial services industry, positioning it as a major player in the Caribbean. With its inception in 1982, Antigua and Barbuda’s international financial services sector has grown significantly, driven by legislation such as the International Business Corporations Act CAP 222.

Regulatory Framework of the FSRC

The FSRCA outlines the Commission’s regulatory framework, with section 5 detailing its principal functions. These include:

  • Regulating and supervising financial institutions
  • Enforcing compliance with international standards
  • Providing a platform for investors to operate in a secure environment

Quote from the FSRC Spokesperson

“The FSRC is committed to upholding internationally recognized standards of compliance,” says a spokesperson for the Commission. “We are dedicated to making Antigua and Barbuda a preeminent financial center in the region.”

The Impact of Regulatory Efforts

The regulatory body’s efforts have paid off, with the country now considered a major hub for international finance. With its robust regulatory framework, Antigua and Barbuda is poised to continue growing as a key player in the global financial services sector.

Regulatory Laws in Focus

The FSRCA provides the foundation for the Commission’s work, outlining the regulatory laws that govern the sector. Section 2 of the Act sets out the Commission’s role in regulating and supervising financial institutions, ensuring compliance with international standards.

Principal Functions Under Scrutiny

The principal functions of the FSRC are outlined in section 5 of the FSRCA. These include:

  • Regulating and supervising financial institutions
  • Enforcing compliance with international standards
  • Providing a platform for investors to operate in a secure environment
  • Promoting transparency and accountability in the sector

Conclusion

As Antigua and Barbuda continues to grow as a major player in the global financial services sector, the FSRC remains committed to upholding internationally recognized standards of compliance. With its robust regulatory framework in place, the country is well-positioned for continued success.