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Antigua and Barbuda Takes a Step Towards Strengthening Banking Regulations Compliance

The government of Antigua and Barbuda has taken a significant step towards solidifying its position as a premier financial hub by establishing the Financial Services Regulatory Commission (FSRC) to oversee the country’s financial services sector.

History of International Financial Services in Antigua and Barbuda

Antigua and Barbuda’s international financial services sector has a rich history dating back to 1982, when the International Business Corporations Act CAP 222 was enacted. Since then, the sector has grown significantly over the years, making it an attractive destination for investors.

Mission and Vision of the FSRG

The mission of the FSRC is to develop Antigua and Barbuda as an effectively regulated, well-managed major financial services jurisdiction. Its vision is to position the country as the preeminent financial center in the financial services arena by upholding internationally recognized standards of compliance.

Principal Functions of the FSRG

The principal functions of the FSRC are outlined in section 5 of the Financial Services Regulatory Act No. 5 of 2013, which includes:

  • Licensing and registration of financial institutions
  • Supervision and monitoring of their activities
  • Enforcement of compliance with regulatory requirements

Objectives of the FSRG

Through its regulatory framework, the FSRC aims to promote a robust and stable financial system that supports economic growth and development in Antigua and Barbuda. The commission’s efforts are expected to:

  • Boost investor confidence
  • Attract more international business to the country
  • Further solidify its position as a major player in the global financial services arena

By establishing the FSRC, the government of Antigua and Barbuda is demonstrating its commitment to ensuring that the country’s financial services sector operates in a fair and transparent manner, while also providing a conducive environment for businesses to thrive.