Life in Antigua Barbuda
The best guide book to see what is happening in Antigua in order to plan your vacation and a brilliant keepsake in hard copy to put on your coffee table to memorialize your holiday.
The best guide book to see what is happening in Antigua in order to plan your vacation and a brilliant keepsake in hard copy to put on your coffee table to memorialize your holiday.
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money launder<strong>in</strong>g and the f<strong>in</strong>anc<strong>in</strong>g of terrorism. The<br />
govern<strong>in</strong>g legislation for the management of its <strong>in</strong>ternational<br />
f<strong>in</strong>ancial centre is regularly updated to ensure<br />
compliance with <strong>in</strong>ternational standards.<br />
Bank<strong>in</strong>g Supervision<br />
The regulatory environment of banks provid<strong>in</strong>g <strong>in</strong>ternational<br />
f<strong>in</strong>ancial services is strongly supervised for the<br />
safe and ethical depository of foreign currencies and the<br />
delivery of wealth management solutions. The jurisdiction<br />
undergoes regular peer evaluation by the<br />
Caribbean F<strong>in</strong>ancial Action Task Force as well as reviews<br />
by the World Bank and the IMF, all of which give enhanced<br />
scrut<strong>in</strong>y to the operations of the f<strong>in</strong>ancial centre.<br />
The supervision of banks is divided, with domestic commercial<br />
banks under the Eastern Caribbean Central Bank<br />
(ECCB) while <strong>in</strong>ternational service banks are licensed<br />
and regulated by the F<strong>in</strong>ancial Services Regulatory Commission<br />
(FSRC), and all banks must ma<strong>in</strong>ta<strong>in</strong> <strong>in</strong>ternal<br />
policies to govern compliance with <strong>in</strong>ternational standards.<br />
These requirements <strong>in</strong>clude annual third-party<br />
audits of their anti-money launder<strong>in</strong>g (AML) and anti-terrorist<br />
f<strong>in</strong>anc<strong>in</strong>g (ATF) practices which must be submitted<br />
to the ONDCP and the FSRC for review. The jurisdiction<br />
has been aggressively emulat<strong>in</strong>g the actions be<strong>in</strong>g taken<br />
worldwide to strengthen the regulatory oversight of all<br />
f<strong>in</strong>ancial systems. Annual f<strong>in</strong>ancial audits are mandatory<br />
and are conducted by resident offices of well-recognized<br />
audit<strong>in</strong>g firms <strong>in</strong>clud<strong>in</strong>g Grant Thornton, PKF and KPMG.<br />
A Bus<strong>in</strong>ess Centre with<br />
Technology-Driven Services<br />
<strong>Antigua</strong> provides ideal support for <strong>in</strong>formation technology<br />
services and Internet-driven bus<strong>in</strong>ess opportunities<br />
that demand more sophisticated f<strong>in</strong>ancial services. The<br />
<strong>Antigua</strong> & <strong>Barbuda</strong> Investment Authority, established by<br />
the Government, assists the <strong>in</strong>vestment process and<br />
identifies related <strong>in</strong>centives for certa<strong>in</strong> <strong>in</strong>vestment categories.<br />
International bus<strong>in</strong>ess companies (IBCs), Trusts<br />
and Foundations will also benefit from a tax-neutral bus<strong>in</strong>ess<br />
environment. There is a fully experienced and professional<br />
sector comprised of attorneys-at-law and<br />
licensed company providers that can assist <strong>in</strong> the clear<strong>in</strong>g<br />
of names, registration of corporate entities and referr<strong>in</strong>g<br />
clients for bank account relationships <strong>in</strong> the<br />
jurisdiction.<br />
Photo: Johnathan Murpjhy<br />
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