Antigua and Barbuda
- Offshore Gambling

The offshore jurisdiction was created in 1982 with the passing of the IBC Act, resulting in over twenty (20) years experience in offshore banking, insurance, International Business Corporations (IBC's), internet gaming and trust services.

Antigua and Barbuda's offshore sector faced its sternest challenge to date in 1999 when the UK and US issued a financial advisory against the jurisdiction. Consequently, the country strengthened its regulatory framework and enforcement mechanisms and has become aggressive in the global fight against financial crime. In 2000, the Financial Action Task Force ("the FATF") declared Antigua and Barbuda fully cooperative in the global fight against money laundering. It found Antigua and Barbuda's legislative regime, and regulatory and enforcement machinery to be consistent with the highest international standards.

In 2003, the Caribbean Financial Action Task Force conducted an evaluation of the jurisdiction's anti-money laundering and counter terrorist financing system and found Antigua and Barbuda to be fully compliant with regional and international standards. The IMF carried out an evaluation of the jurisdictions international banking sector in February-March, 2004. In its report the IMF has found the jurisdiction complaint or largely complaint with Basel Core Principles, regarded as the international standard in banking supervision. In order to ensure transparency, the jurisdiction authorized the IMF to publish the full text of the Detailed Assessment Report (DAR) on the IMF website.” As a result, the offshore sector continues to thrive, contributing towards the growth of the sector. The jurisdiction has successfully merged business with pleasure and has rightfully earned its place as a premier investment center, offering generous investment opportunities and a social environment which is among the best in the caribbean.
www.fsrc.gov.ag


International Business Corporation (IBC)

An International Business Corporation (IBC) is an entity incorporated under the IBC Act. The IBC structure allows for a comprehensive range of business opportunities within a tax-free environment. Trading, manufacturing, shipping as well as financial corporations have all made profitable use of the IBC structure. Once an IBC has been established, it will give the owner financial confidentiality as well as providing an asset protection component.


International Banking

An international bank is a corporation established under the IBC Act and granted a license to conduct international banking business. A license is granted provided that the applicant meets the required standards, including a minimum capital requirement and physical presence. An international bank is also required to submit annual audited returns and quarterly financial statements.


International Trust

The IBC Act provides for the formation of international trust corporations. These trusts are exempt from the following taxes for a period of 20 years from the date of incorporation of the IBC: inheritance, profits, income, capital assets, gain or appreciation on assets or dividends and interest paid out by a trustee on behalf of a non-resident of Antigua and Barbuda.

There is no restriction on accumulations by trusts and the 'rule against perpetuities' does not apply to any property vested in a trust corporation. No requirement exists that a trust instrument be recorded.


International Insurance

An IBC intending to carry on international insurance business in Antigua and Barbuda is required to be licensed under the IBC Act. The Articles of Incorporation must provide that the Board must give its approval for the conduct of any international insurance business. A licensee is prohibited from establishing any subsidiary or branch and/or providing any services on the Internet without prior approval of the Commission. The licensee is also required to maintain a physical presence in Antigua and Barbuda and be subject to an annual on-site examination.


Offshore Gambling

The Division of Gaming is the regulatory body under the Financial Services Regulatory Commission (FSRC) responsible for the oversight of all aspects of the Offshore Gaming industry in the jurisdiction of Antigua and Barbuda. Antigua and Barbuda was one of the first jurisdictions to license interactive gaming and wagering companies in 1994. The internet gaming companies are classified as “Financial Institutions” and are subject to all the Anti-Money Laundering (AML) and Caribbean Financial Action Task Force (CFATF) requirements of the jurisdiction. The regulatory framework for these companies has been provided in the International Business Corporations (IBC) Act and the Interactive Gaming and Interactive Wagering Regulations (IGIWR).Today, FSRC, Division of Gaming continues to be home to a significant portion of the industry and some of the largest i-gaming companies due to our pursuit of being a tier one regulatory jurisdiction.

Antigua and Barbuda has been very proactive in regulating the offshore gaming through its IGIWR that enforces corporate probity and international best practices. The Division of Gaming is committed to ensuring that Antigua and Barbuda is internationally regarded as a Tier 1 jurisdiction of choice, and its regulations and regulatory enforcement remain first rate. The jurisdiction’s regulatory regime comprises a three pronged focus on "Money Laundering Prevention", "Player Protection" and "Industry Enhancement". All gaming activities within the State are subject to the Money Laundering Prevention Act (MLPA) and the Prevention of Terrorism Act (PTA, 2001).

Antigua and Barbuda , achieved an historical milestone as a developing nation and most notably as one of the smallest members of the World Trade Organization (WTO) on March 24, 2004. The Dispute Settlement Body (DSB) of the WTO yielded a victorious ruling regarding the United States – Measures Affecting the Cross-Border Supply of Gambling and Betting Services. Conjunctively, the Appellate Body of the WTO affirmed the DSB findings when it ruled on April 7, 2005 in favour of Antigua and Barbuda in its Appellate Report. This triumph emboldens the desire of the WTO, whereby to facilitate the increase in participation of developing countries in trade and services and the expansion of their service exports. Additionally, the ruling in a general context can be viewed as taking into account, the need for developing countries to improve their economic and social development through the liberalization of trade in services. The Government of Antigua and Barbuda remains committed to the advancement of the internet gaming sector and remains proactive in solidifying its position as a contender in such a dynamic industry.

In an effort to ensure the industry remains in conformity with the international best practices we amended the IGIWR in May 2001, to have our gaming companies establish clear internal procedures regarding “Know Your Customer”. In addition, all gaming companies are required to have their accounts audited by external auditors who also have to certify their solvency, safety and soundness, player protection and compliance with AML/CFT regime in Antigua and Barbuda.
www.antiguagaming.gov.ag

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