UPP Measures Create Financial Sector’s Viability

The United Progressive Party Government remains confident that due to the measures implemented under their watch, the financial services sector has remained economically viable and is continuing to create jobs for Antiguans and Barbudans.

To this end, there are over 8,000 international business corporations (IBCs) registered in Antigua and Barbuda – providing direct employment for about 680 persons.

These companies include ordinary IBCs, banks, insurance companies, trusts and gaming companies.

The financial services sector is one of the highest paying and incredibly attractive sectors for our citizens. Further, total government revenue from license and other fees from companies operating in the sector were estimated at US$15.1 million in 2007.

The UPP government efforts are ongoing to strengthen and where necessary, introduce new legislation that will allow the Financial Services Regulatory Commission (FSRC), to operate as the single regulatory authority for companies in the financial services sector and all non-bank financial institutions.

This strengthening of the regulatory framework has allowed for greater control and more effective enforcement of anti-money laundering and anti-terrorist financing legislation.

In addition to enhancing the regulatory framework, the UPP Government has pursued a number of initiatives to further diversify the sector.

In particular, the UPP Government has worked along with key industry and legal experts to develop new and innovative products that have increased the number and types of international businesses registered in Antigua and Barbuda.

To this end, the Government has passed a series of laws that has placed Antigua and Barbuda at the foremost jurisdiction for asset protection and wealth management.

These laws are:

• The International Trust Act;
• The International Foundation Act; and
• The International Limited Liability Company Act.