Offshore Banking

offshore-banking Many commercial businesses are attracted to the idea of offshore banking. For many people, however, this practice may appear unethical and illegal. It is just a misinterpretation.

It is not illegal to deposit and create money in offshore banks. Even more, it has become a necessity for both corporations and individuals to possess accounts in banks abroad, considering the global economy and the fast development of the society. Such transactions comply to international laws and the ones of the host country and are regulated by the sovereign policies and rule.

One of the first choices when it comes to offshore banking is the nation of Antigua and Barbuda. Recently, there were some regulations implemented in report to these practices to assure the safety and ethics of foreign currencies deposits. The Government amended two Acts: the one for International Business Corporation and the one to prevent Money Laundering. These regulations intend to maintain good relationships with the other financial institutions and communities all over the world. The new practices also imply a periodic inspection for all banking transactions developed offshore. Detailed records on all clients are expected to be available for the banks. Furthermore, it is not allowed for banks to operate withdrawals and deposits unless the companies or individuals are the accountholders. Any money launderer who got convicted would have its deposit confiscated by the Government.

In addition to the banking laws applied by the Antigua and Barbuda Government, there is also the Act referring to International Business Corporations which covers the operations. This is an insurance of the rights protection for those foreign entities that have bank deposits in the country, as long as they comply with the offshore banking laws.

In the United Stated there are companies which assist those individuals or commercial entities in operating offshore banking. These companies know all it is needed related to offshore banking in Antigua.