Antigua and Barbuda has been accepted as a full member of the Group of International Finance Centre Supervisors (GIFCS), a body which seeks to promote the adoption of international regulatory standards in the banking and fiduciary sectors.
The Government confirmed on May 15 that Antigua and Barbuda was welcomed as a full member of the GIFCS at the Group’s plenary meeting in London on April 27-28, 2015. The development follows progress made by Antigua in meeting the Financial Action Task Force (FATF) Recommendations on combating money laundering and terrorist financing.
The GIFCS, in its previous form as the Offshore Group of Banking Supervisors, was established in 1980. Today its membership accounts for almost 10 percent of global international banking assets.
Conditions of membership include full implementation of international standards such as the 40 FATF Recommendations, the Basel Committee on Banking Supervision’s Core Principles, and the International Organization of Securities Commissions Core Principles.
In addition to Antigua and Barbuda, the other members of the GIFCS include Aruba; the Bahamas; Barbados; Bermuda; the BVI; the Cayman Islands; the Cook Islands; Curacao and Saint Maarten; Gibraltar; Guernsey; the Isle of Man; Jersey; Labuan; Macau, China; Mauritius; Panama; Samoa; and Vanuatu.