The Senate has approved sweeping amendments to Antigua and Barbuda’s Special Economic Zone (SEZ) legislation, introducing stricter financial oversight for both new applicants and existing operators.
The updated law requires any entity seeking to develop or operate within a special economic zone to disclose detailed information on ownership, business structure, and the source of its funds. Licences will only be granted to applicants deemed “fit and proper” and capable of complying with anti-money laundering and counter-terrorism regulations.
Under the amendments, SEZ operations are now explicitly tied to compliance with domestic laws governing money laundering prevention, terrorism financing, and the proliferation of weapons of mass destruction.
Existing businesses operating within the zones are also subject to the new regime and will be given six months to meet the enhanced requirements.
Operators must implement systems to detect and prevent illicit financial activity and are required to cooperate with regulatory authorities, including financial oversight bodies, law enforcement, and tax agencies.
The legislation reinforces that special economic zones remain fully under government jurisdiction, with customs, immigration, police, and financial regulators retaining authority to monitor and enforce compliance.
Regulators have also been granted expanded powers to inspect operations, while the law now prohibits unlicensed financial services and unauthorized digital asset activities within the zones.
In addition, businesses will be required to obtain a separate operational permit before commencing activities, with all financial compliance checks to be completed in advance. Applications will be reviewed by a government-appointed committee tasked with assessing ownership structures, financial standing, and potential risks of illegal activity.
Despite the tighter controls, the government retains the ability to offer tax incentives and other benefits to attract investment.
The amendments represent the fourth update to Antigua and Barbuda’s Special Economic Zone framework since 2015, as authorities move to strengthen regulatory oversight and safeguard the integrity of the sector.
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Special economic zones were a bad idea to begin with and need to be removed. If locals have to pay taxes, so should foreign developers. Why is all the pressure being placed on the poor? What are the actual benefits of these zones if they operate like a country onto themselves? Are we gullible enough to believe that anti money laundering measures will make a difference? These are the things that cause larger countries to consider sanctioning Antigua and Barbuda over and over again.
Economic zone? Next to a garbage dump that is seeping into the bay!