Antigua & Barbuda is a member of the Caribbean Community (Caricom) and of the Organisation of Eastern Caribbean States (OECS). The regional Eastern Caribbean Central Bank is responsible for regulating the availability of money and credit, maintaining monetary stability, maintaining a common pool of foreign exchange reserves and issuing a single common currency for eight of the nine OECS members.
The international financial sector is regulated by the Financial Services Regulatory Commission (FSRC) (established in 1998) whose staff are governed by strict laws governing their supervision of the international banking sector. International banks are subject to annual audits, regulatory inspections, and licensing requirements by the FSRC. An annual attestation on beneficial ownership is required and any change the directors and officers of the bank must be approved by and filed with FSRC.
Antigua & Barbuda introduced its Money Laundering (Prevention) Act in 1996, and has strengthened it with a number of amendments as well as the Terrorism Protection Act of 2001. There are Mutual Legal Assistance Treaties established with the U.K. and the U.S. International cooperation in money laundering issues is coordinated through Antigua’s Financial Intelligence Unit, which is a member of the Egmont Group of FIUs.
The Supervisory Authority for money laundering and other financial crimes is the Office of National Drug Control and Money Laundering Policy (ONDCP). ONDCP and FSRC work closely together to ensure that Antigua and Barbuda enjoys a good reputation in the international banking community.
Enquiries regarding the good standing of Global Bank of Commerce can be directed to:
Financial Services Regulatory Commission (FSRC)
FCIB Building, P.O. Box 2674
Old Parham Road
Tel: 268 481 1170/1/2 Fax: 268 463 0422
Enquiries about Antigua and Barbuda’s efforts to combat money laundering and the financing of terrorism can be directed to:
Director Office of National Drug and Money Laundering Control Policy
St. George’s, Antigua, W.I.
Tel: 268 460-7390 Fax: 268 460 8818
E-mail: [email protected]