In a decisive move to enforce regulatory compliance, the government of Antigua and Barbuda has undertaken a massive cleanup of its offshore financial sector, removing approximately 17,000 international business companies (IBCs) from its corporate registry. Prime Minister Gaston Browne revealed the scale of this operation during a recent appearance on the ‘Browne and Browne’ show, framing it as evidence of the nation’s strengthened commitment to financial oversight.
The purge targeted two distinct groups of companies. The first, comprising roughly 13,500 entities, were involuntarily ‘struck off’ the registry for failing to meet statutory compliance requirements. A further 3,500 companies opted for voluntary dissolution as regulatory scrutiny intensified. Prime Minister Browne emphasized that these actions demonstrate proactive enforcement, countering any perception of jurisdictional neglect.
This initiative forms part of a broader, critical reassessment of the offshore industry’s economic contribution to the twin-island nation. PM Browne openly questioned the sector’s current value, stating, ‘It’s a difficult sector right now, and I don’t find that the yield that we’re getting from it is sufficient.’ The comments were made in the context of Antigua and Barbuda’s recent evaluation by the Global Forum on Transparency and Exchange of Information for Tax Purposes, highlighting the government’s aim to align with international standards and shed any reputation as a lax financial haven.