Antigua and Barbuda Country Summary

FATF Status

Antigua & Barbuda is no longer on the FATF List of Countries that have been identified as having strategic AML deficiencies

Compliance with FATF Recommendations

The last Follow-up Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in Antigua & Barbuda was undertaken in November 2021. According to that Evaluation, Antigua & Barbuda was deemed Compliant for 11 and Largely Compliant for 25 of the FATF 40 Recommendations. It remained Highly Effective for 0 and Substantially Effective 0 with regard to the 11 areas of Effectiveness of its AML/CFT Regime.

Antigua and Barbuda faces significant challenges with corruption, as allegations against government officials are common, yet investigations often yield little result. The Integrity in Public Life Act mandates public officials to disclose their assets and gifts, but enforcement is criticized as inadequate due to the commission being understaffed and under-resourced. Additionally, the country grapples with issues such as human trafficking, drug trafficking, and financial crimes, while efforts to combat these issues are hindered by corruption within the judicial system and law enforcement.

Antigua and Barbuda's economy is primarily driven by tourism and related sectors, which are crucial for its growth. The International Monetary Fund (IMF) forecasts a 6.1 percent economic growth in 2024, supported by a rebound in tourism and increased construction activity. However, the country remains vulnerable to external shocks, including climate change and global economic downturns.

Antigua and Barbuda has a favorable investment climate, actively encouraging foreign direct investment (FDI) in priority sectors such as tourism, agriculture, and infrastructure through the Antigua and Barbuda Investment Authority (ABIA). There are no restrictions on foreign ownership, allowing investors to hold up to 100 percent of their investments, and the government provides various incentives and support services to facilitate business operations. However, potential investors should exercise caution due to an unresolved expropriation dispute involving an American-owned property.