Antigua and Barbuda has significantly strengthened its legal and regulatory framework, with more than 13,500 International Business Companies (IBCs) struck off the registry as part of a sweeping compliance drive.

That’s according to Prime Minister Browne, who explained that the clean-up of the IBC sector demonstrates the country’s commitment to international standards on tax transparency and beneficial ownership.

An additional 3,500 companies voluntarily dissolved after engaging with regulators, he revealed.

The Prime Minister made a clear distinction between economic assessments conducted by the International Monetary Fund (IMF) and regulatory evaluations carried out by bodies such as the Global Forum and the Caribbean Financial Action Task Force (CFATF).

He said while the IMF focuses on economic and fiscal performance, the Global Forum examines tax transparency, including requirements for the disclosure and documentation of beneficial ownership information.

Browne stated that years ago, the government amended legislation to eliminate anonymous shell companies, ensuring that beneficial owners must be identified and registered.

“In terms of the legal framework, we have been fully compliant for years,” he said, noting that Antigua and Barbuda has been commended at the political directorate level for swiftly implementing legislative reforms.

However, he acknowledged that compliance effectiveness — including public education and enforcement — has required ongoing effort. Agencies such as Inland Revenue and the Financial Services Regulatory Commission have been working to strengthen implementation.

Browne concluded that the decisive removal of non-compliant entities underscores the country’s determination to maintain a transparent and well-regulated financial services sector, protecting its international reputation while ensuring adherence to global standards.