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International Business Companies (IBC) Act of Antigua and Barbuda: Compliance with Principle 3 - Licensing Criteria

The International Business Companies (IBC) Act of Antigua and Barbuda has been evaluated for its compliance with certain principles or standards regarding offshore banking. This summary focuses on Principle 3: Licensing Criteria.

Key Points

• The licensing authority in Antigua and Barbuda has the right to set criteria for granting licenses to international business companies (IBCs).
• The Commission prescribes the format of the application form and lays down other licensing criteria in the IBC Regulations (SI 41).
• There are no separate licensing requirements for captive banks, despite them being able to take deposits from outside their corporate group.
• The Supervisor considers various criteria when issuing licenses, including:
  • Ownership structure
  • Directors and senior management
  • Operating plan
  • Internal controls
  • Financial condition

Assessment

The assessment concludes that Antigua and Barbuda is largely compliant with Principle 3. However, there are some areas for improvement:

• The definition of a “bank” could be made clearer and more explicit.
• Consideration should be given to incorporating the ECCB Uniform Banking Act as a basis for revising the definition of a bank to be incorporated into the IBC Act.

By addressing these recommendations, Antigua and Barbuda can further enhance its compliance with Principle 3 and maintain its position as a reputable jurisdiction for offshore banking.