ST. JOHN'S, ANTIGUA--(BUSINESS WIRE)--The jurisdiction of Antigua and Barbuda announced today the formation of the International Financial Service Providers Association of Antigua and Barbuda (“FISPAA”). FISPAA will work with the government to promote Antigua to the global investment community as a sound, competitive and well-regulated financial services jurisdiction comparable to any financial services jurisdiction in the world.

The newly formed association is comprised of top executives from international banks and trust companies, attorneys, accountants, investment managers and advisors. In its capacity, the association will monitor existing laws and procedures to ensure complete enforcement of regulation as well as adapt new policies and procedures in response to evolving issues impacting the world of international financial services. Additionally, existing legislation will be monitored to ensure that competitiveness is maintained and to the extent that it is considered to be expedient, the association will propose recommendations for new legislation.

The international financial services sector is regulated by the Financial Services Regulatory Commission (“FSRC”) and supervised by the Office of National Drug and Money Laundering Control Policy (“ONDCP”). The FSRC was established by a 2004 amendment to the International Business Corporations Act (“IBC” Act) of 1982 as an independent regulator of international financial services in Antigua. All licensed financial institutions are examined onsite and with great scrutiny on an annual basis to ensure strictest compliance with all applicable laws, including all relevant regulations, guidelines and directives.

Antigua and Barbuda has recently enacted legislation under the Antigua International Trust Act, International Foundations Act and International Limited Liability Companies Act, and the Corporate Management and Trust Service Providers Act. This new legislation offers the world’s most stringent and structured environment for international asset protection and wealth preservation.

“Antigua and Barbuda is committed to ensuring that the international financial services industry, including investors, is recognized for its commitment to high standards in financial services regulation,” said Antigua’s Honorable Minister of Finance Harold Lovell. “Antigua and Barbuda was one of the first jurisdictions to enter into bilateral agreements concerning exchange of information contingent upon certain procedural requirements being met. Antigua and Barbuda will continue to comply with international best practices to ensure the maintenance of the integrity, soundness and transparency of its international financial services sector.”

For further information, contact Charlotte Luer at 239.280.1317 or Verlyn Faustin at 269.480.6434.