Offshore Banking In Anguilla

In seeking to promote healthy offshore financial activity, Anguilla has taken a proactive stance in combating and enforcing preventative measures against terrorism, illegal substance-trafficking and money laundering by enacting a number of laws. These laws ensure that the requirements for key areas such as client identification (KYC), record keeping, report filing of suspicious activities and training are regulated and supervised according to internationally and locally established standards.

Some of these regulatory measures include the Money Laundering Reporting Authority Act, Al-Qa’aida and Taliban (Un Measures) (Overseas Territories) Order (2002), Terrorism (UN Measures) (Overseas Territories) Order (2001), Proceed of Criminal Conduct Act 2000 and 2004 Amendment, Anti Terrorism (Financial and Other Measures (Overseas Territories) Order (2001), Drug Trafficking Offences Act 2000 and 2004 Amendment, Criminal Justice (International Co-operation) Anguilla Act 2000 and 2004 Amendment.

Anguilla is a member of the CFATF, the Caribbean branch of the Financial Action Task Force, an inter-governmental organization created in 1989 to develop and promote national and international policies against terrorist financing and money laundering.

Legislative measures within Anguilla’s offshore industry also include the creation of the Financial Services Commission, which is a local independent body with the objective of thoroughly supervising and administering offshore policies, standards and practices in Anguilla.

Telecommunications

Anguilla provides updated and advanced telecommunications facilities. Mobile, internet, fax and voice mail services are widely available in both public and private institutions, homes and schools. Anguilla’s information technology has one of the world’s highest accessibility levels per capita.

Telecommunications Act 2003 – Through the Telecommunications Act 2003, Anguilla’s government was able to deregulate the telecommunications sector. This lead to decreased rates for consumers, encouraged vigorous competition within the telecommunications sector, increased Anguilla’s capacity to provide information-based, offshore banking and financial services. The Telecommunications Act also benefits the tourism industry by making proper and advanced telecommunications services readily available to visitors, while contributing to the island’s marketability as a tourist destination.

Anguilla Commercial Online Registration Network ACORN

This is one of Anguilla’s telecommunications and offshore sectors’ major achievements. Anguilla Commercial Online Registration Network is also known as ACORN and is an electronic system by which offshore company registration and document filing is performed. 95% of Anguillan companies are incorporated through ACORN through licensed service providers operating in Anguilla. ACORN provides a quick and efficient means for company formation and enhances the quality and efficiency of the country’s offshore sector. Quick and efficient offshore company incorporation greatly assist in speeding up one’s application for an offshore bank account once the offshore company has been incorporated and the necessary documents are filed.

Offshore Bank Regulations

All financial services are regulated and overseen by the Financial Services Commission (FSC) which was founded on November 26, 2003. The FSC ensures that high standards are maintained by all financial services providers and international requirements are obeyed.

Offshore banking licenses are issued by the Governor under the Trust Companies and Offshore Banking Act. This Act regulates trust and offshore banking services in Anguilla and is also known as the TCOBA.

In order to operate as an offshore banking institution in Anguilla, applicants must fulfill all the necessary application requirements established by the corresponding provisions of the Offshore Banking Act.

  • All licensees must genuinely intend to conduct offshore banking operations in Anguilla and any license issued must be deemed as in keeping with the public’s interest.
  • A paid-up share capital of USD250, 000 or the equivalent in another currency is required for any foreign establishment wishing to operate in Anguilla as an offshore bank.
  • The use of words such as bank, trust, savings or any other phrase that indicate or suggest offshore banking or trust activity is reserved solely for persons or companies that are involved in offshore banking and trust businesses.
  • Anguilla Offshore banks must have at least two (2) directors. Approval must be received from the corresponding Anguillan authority for the appointment of any other director or senior officer.
  • Offshore banks in Anguilla are required to pay an annual fee. This fee is used for covering government stamp fees and duties so as to keep the bank in good and legal standing with the government of Anguilla.
  • Late payment penalty will apply should the annual fees not be paid on or before December 31 of each year.

Your Anguilla Offshore Bank Account

Setting up a personal or corporate offshore bank account in Anguilla has numerous advantages, which include:

  • Security and privacy – both enshrined in and guaranteed by vigorous Anguillan offshore banking laws
  • Huge tax benefits – possibility of conducting business transactions internationally in a tax free environment and accumulating wealth and assets by making tremendous savings on taxes
  • Multi currency accounts – ability to make transfers, savings and trade in Euros, British Pounds and USD , which allow savings and investments to grow in a currency with a higher value than yours
  • Easy access to funds from anywhere in the world – secure online banking, advanced telecommunications facilities, e-mail, fax, 24 hour voice mail operatives, courier and telephone services assist expatriates, frequent travelers and international businessmen and women to access funds and conduct business at any time of the day without any time zone hindrances
  • International credit and debit cards – for conducting trade and making payments from virtually anywhere in the world via international ATMs and banks
  • Flexibility for frequent travelers, owners of offshore companies, expatriates and international business men with complex international banking needs that domestic banks are unable to facilitate and accommodate