There has been much development and progress in this area, so that Anguilla's legislation available is generally accepted as being second to none in the world. Laws and regulations enacted afford maximum flexibility to practitioners while containing many modern, innovative provisions.

Further, the need to continually monitor and develop legislation is understood by both the private and public sector, the former under the umbrella of the Anguilla Financial Services Association (AFSA), of which this company is a founding member and its director is the current Secretary/Acting Treasurer. Since AFSA's inception a legislation committee from both sectors has continuously and actively reviewed the practicality of current legislation as well as international developments, to bring forward amendments necessary to keep the jurisdiction at the forefront of modern best practice.

The need for effective regulation of the financial services industry is recognised in Anguilla as it is in any jurisdiction world-wide. The need for a balance between the prevention and detection of crime and the provision of a properly private business environment is reflected in the carefully constructed regulatory regime.

Regulation is the responsibility of the Governor, appointed by Britain, and the Director of Financial Services. Success is achieved by the careful monitoring of those professionals involved in international finance on the island by the use of regulatory legislation which is designed to ensure that practitioners are able and willing to police their own businesses and to apply proper due diligence (know your customer) procedures to their clientele.

It is of paramount importance, to both the public and private sectors, that the island’s reputation is not tainted by the use of the jurisdiction for money laundering or other illegal purpose. In 2000, legislation was passed in order to provide proper procedures and allow access to information by proper authorities where there is demonstrable suspicion of criminal activity; procedural safeguards were built in to prevent abuse by over-zealous officials and legitimate fiscal matters are excluded; commercial confidentiality is protected by both the doctrine of client-attorney privilege and by a specific law, the Confidential Relationships Ordinance, 1981 (as amended), which provides privacy for all professional business relationships.

To examine specific legislation, click here