Antigua & Barbuda Is Cleaning-Up Its Offshore Sector

Mandy Robinson, Tax-news.com, London

01 February 2001

Lester Bird, Prime Minister of Antigua and Barbuda, says his government has been making extensive efforts to clean up its offshore sector in the hope it will become one of the most reputable in the world.

Speaking in a CBS intereview last week, Mr Bird said he had discussed development, investment and the online gaming industry with Victor Chandler, the millionaire businessman and head of international bookmakers, the Victor Chandler Group. Mr Chandler, who is Gibraltar-based but whose company has a betting operation in Antigua, had spoken highly of Antigua and Barbuda and said he had observed a transformation taking place in the islands' offshore sector. Antigua and Barbuda recently hosted a four-day Online Gaming conference with around 400 delegates in attendance.

Antigua and Barbuda has worked closely with the US and the UK on matters relating to the offshore sector in the past year. "Operation Clean Slate" was implemented and has significantly reduced the number of offshore banks from 68 to 18. Through the introduction of amended rules and regulations, the number of IBCs has also undergone a major reduction from 10,000 to around 2,000.

With regard to the issue of staffing and personnel, the International Financial Sector Regulatory Authority (IFSRA) in the jurisdiction is staffed in both the regulatory and support areas with competent and qualified employees, including a new inspector of banks with over 30 years of international banking experience. In addition Antigua & Barbuda banks are now monitored by full-time compliance officers who ensure that they adhere to the new rules and regulations. The government has also enforced a regulation making all banks operating in the jurisdiction undergo an annual inspection under a new "Know Your Customer" policy.

Recommended