Financial Crime World

Financial Crime Control: Antigua and Barbuda’s Regulatory Bodies Take Center Stage

Antigua and Barbuda, a major financial services jurisdiction in the Caribbean, has established a robust framework to regulate its financial sector and prevent financial crimes. At the heart of this effort is the Financial Services Regulatory Commission (FSRC), which oversees the country’s financial services industry.

Establishing a Robust Framework

The FSRC is committed to upholding internationally recognized standards of compliance in order to position Antigua and Barbuda as a preeminent financial center in the region. The commission’s mission is to develop the jurisdiction into an effectively regulated and well-managed major financial services hub.

Key Legislation: Financial Services Regulatory Commission Act No. 5 of 2013

The creation of a stand-alone legislation, the Financial Services Regulatory Commission Act No. 5 of 2013, marked a significant milestone in the country’s efforts to regulate its financial sector. This act provides the regulatory framework through which the FSRC operates and exercises its powers.

Key Provisions

  • Provides the regulatory framework for the FSRC
  • Empowers the commission to regulate various aspects of the financial services industry
  • Sets out clear guidelines for licensing and registration of financial institutions
  • Outlines the commission’s principal functions

A Brief History of Antigua and Barbuda’s International Financial Services Sector

The jurisdiction has a rich history in international finance, dating back to 1982 when the International Business Corporations Act CAP 222 (“the IBC Act”) was enacted. Since then, the country has grown into a major player in the global financial services arena.

Key Milestones

  • Enactment of the IBC Act (1982)
  • Establishment of the FSRC
  • Creation of the Financial Services Regulatory Commission Act No. 5 of 2013

FSRC’s Principal Functions

The commission is empowered to regulate various aspects of the financial services industry, including:

Licensing and Registration

  • Regulation of licensing and registration of financial institutions
  • Ensuring compliance with regulatory requirements

Supervision

  • Oversight of activities of financial institutions
  • Enforcement of regulatory requirements

Compliance

  • Development and implementation of compliance programs
  • Monitoring of financial institutions’ compliance with regulations

Conclusion

As Antigua and Barbuda continues to position itself as a major financial services hub, the FSRC remains committed to maintaining high standards of regulation and supervision to prevent financial crimes and protect the integrity of the jurisdiction’s financial sector.