Today, no financial services jurisdiction can hope to succeed unless it is well regulated. Anguilla is no exception.
The offshore financial services sector in Anguilla is the responsibility of the Governor, although day to day regulation is delegated to the Department of Financial Services. In carrying out its functions and in considering applications by organizations wishing to establish businesses within the sector, the Department aims to adopt a firm but flexible regulatory approach.
It is of paramount concern to the Government that Anguilla's reputation is not tainted by the use of the jurisdiction for money laundering or other illegal purposes. For this reason, all licensed institutions are expected to carry out proper due diligence and "know your customer" checks so that they are satisfied as to the identity of their clients and the legitimate origin of their clients' funds.
Although commercial confidentiality is ensured by legislation, the authorities in Anguilla will co-operate fully with law enforcement agencies and regulators in other jurisdictions in the case of illegality. In common with other reputable jurisdictions, the Department of Financial Services is, subject to safeguards to protect legitimate business, able to share regulatory information with overseas regulatory authorities.
Anguilla already has a well established professional infrastructure. The Government recognizes that, as a relatively new jurisdiction, an expansion of the sector would benefit the economy. Applications from suitable professionals and organizations within the industry are, therefore, welcome.
Any organization wishing to establish within the sector will be required to demonstrate that it is prepared to establish a real business on-island and a multi-year work permit program has been introduced to facilitate this. Alternatively, in the case of a licensed institution, an administered or managed basis for the issue of a license will be considered. This would entail the full management and administration of the licensee's business by an equivalent licensed institution on island.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
For further information please contact:
Office of the Registrar Government of Anguilla Financial Services Department The Secretariat The Valley Anguilla B.W.I Tel No: 001 242 497 5881 / 001 242 497 3881 Fax No: 001 242 497 5872 Website: Click Contact Link