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 remains Highly Effective for 0 and Substantially Effective 0 of the Effectiveness  & Technical Compliance ratings.

US Department of State Money Laundering assessment (INCSR)

Antigua and Barbuda is categorised by the US State Department as a Country/Jurisdiction of Primary Concern in respect of Money Laundering and Financial Crimes.

Overview

Antigua and Barbuda’s economy is dependent on tourism.  The country has an economic citizenship program as well as an offshore financial services sector.  Antigua and Barbuda has continued efforts to improve its anti-money laundering/combating the financing of terrorism (AML/CFT) regime.  

Antigua and Barbuda’s Office of National Drug and Money Laundering Control Policy (ONDCP) is an independent law enforcement agency established to enforce the provisions of the country’s AML/CFT framework.  ONDCP has authority to investigate reports of suspicious activity concerning money laundering/terrorist financing (ML/TF), narcotics trafficking, and the proceeds of crime.  It houses the country’s financial intelligence unit (FIU).

ONDCP’s National Oversight Committee on Financial Action (NOCFA) was established to further strengthen AML/CFT efforts.  NOCFA is reviewing the country’s legal and supervisory framework and developing legislative amendments to address AML/CFT deficiencies.  

The country is a member of the Eastern Caribbean Central Bank (ECCB), which issues a common currency for its members.  The ECCB supervises commercial banking activities.  As of April 2021, the ECCB began a yearlong pilot program developing “DCash,” the first such blockchainbased currency introduced by any of the world’s currency unions.  Antigua and Barbuda is one of the four pilot jurisdictions.

Rating                                                                            (100-Good / 0-Bad)

Transparency International Corruption Index                           N/A

World Governance Indicator – Control of Corruption              63

Antigua and Barbuda is a member of the Organization of Eastern Caribbean States (OECS) and the Eastern Caribbean Currency Union (ECCU). According to Eastern Caribbean Central Bank (ECCB) statistics, Antigua and Barbuda’s 2022 estimated gross domestic product (GDP) was $1.75 billion (4.74 billion Eastern Caribbean dollars). Like most of the Eastern Caribbean, the country continues to grapple with the fall-out of the COVID-19 pandemic, supply-chain issues and rising food and fuel prices associated with Russia’s war on-Ukraine. As of May 2023, the International Monetary Fund (IMF) forecast that the economy will grow by 5.5% in 2023.

The tourism sector is showing signs of recovery from the COVID-19 pandemic. The sector is expected to have grown by just over 56 per cent in 2022; with tourism related construction increasing by 20 percent. Revenue from the country’s Citizenship by Investment program amounts to nearly 60 percent of all non-tax revenue.

Through the Antigua and Barbuda Investment Authority (ABIA), the government encourages foreign direct investment, particularly in industries that create jobs and earn foreign exchange. The ABIA facilitates and supports foreign direct investment in the country and maintains an open dialogue with current and potential investors. All potential investors are afforded the same level of business facilitation services.

While the government welcomes all foreign direct investment, tourism and related services, yachting and marine services, agriculture and agro-processing, and business process outsourcing have been identified by the government as priority investment areas.

There are no limits on foreign control of investment and ownership in Antigua and Barbuda. Foreign investors may hold up to 100 percent of an investment.

Antigua and Barbuda’s legal system is based on British common law. It does not have a bilateral investment treaty with the United States, though it does have bilateral investment treaties with Germany and the UK.

There is currently an unresolved dispute regarding the alleged expropriation of an American-owned property. For this reason, the U.S. government recommends careful consideration when investing in real estate in Antigua and Barbuda.

In 2017, the government signed an intergovernmental agreement in observance of the U.S. Foreign Account Tax Compliance Act (FATCA), making it mandatory for banks in Antigua and Barbuda to report the banking information of U.S. citizens.

Country Links

Office of National Drug and Money Laundering Control Policy (ONDCP)

Eastern Caribbean Central Bank:

Financial Services Regulatory Commission