The Antigua and Barbuda government is seeking to bring digital currencies and newer financial products under the country’s financial reporting framework as it prepares for an international evaluation in 2027.

Sen. Shenella Govia, leader of government business in the Senate, said the Automatic Exchange of Financial Account Information Amendment Bill, 2026, would update the law to reflect changes to the Common Reporting Standard governing the collection and exchange of financial account information among participating jurisdictions.

Presenting the bill for its second reading, Govia said advances in financial technology had changed how people conduct transactions, making it necessary for the law to cover a wider range of accounts and financial products.

The proposed definition of a depository account would include traditional checking, savings and time deposit accounts, along with certain electronic money products and accounts holding one or more central bank digital currencies for customers.

“Financial activity increasingly takes place through products and platforms,” Govia said, pointing to online payments and electronic fund transfers as examples of transactions that can now be completed almost instantly.

She said the government welcomed financial innovation but also wanted to ensure that the regulatory system continued to support transparency and accountability as financial products evolved.

Govia said the measure was important to maintaining the credibility of Antigua and Barbuda’s financial system and its ability to participate responsibly in international cooperation.

“For small economies such as ours, financial integrity is a national asset,” she said.

She said businesses depended on international payments, tourism relied on cross-border transactions and the country’s development was linked to investment and the confidence of people willing to conduct business in Antigua and Barbuda.

The senator distinguished the Common Reporting Standard, which deals with international tax transparency, from Antigua and Barbuda’s fifth-round mutual evaluation scheduled for 2027.

That evaluation will examine the country’s broader framework for combating money laundering, terrorist financing and proliferation financing, she said.

Although the two systems serve different purposes, Govia said they were connected through requirements for accurate customer information, the identification of people who control financial arrangements, effective oversight by institutions and lawful international cooperation.

She said the 2027 review would assess not only the laws in place but also how effectively they were being implemented.

Under the amendment, every reporting financial institution would be required to collect and submit to the commissioner information on financial accounts as prescribed by regulations.

Govia said affected institutions must clearly understand what information was required, how it should be reported and the deadlines for submitting it.

“It is one thing for us as legislators in here to pass this legal framework,” she said, adding that financial institutions must then submit complete and timely information to keep the country compliant.

She also called for the Inland Revenue Department and other responsible authorities to be equipped with trained personnel, appropriate systems and the resources needed to administer the law effectively.

Govia said the inclusion of qualified nonprofit entities among categories of nonreporting financial institutions recognised the need for proportionate regulation and the contributions legitimate nonprofit organisations made to communities.

She cautioned, however, that financial account information was sensitive and must be collected and exchanged under appropriate legal safeguards. She called for secure systems, controlled access and protection against the unauthorised disclosure or use of the information.

Those protections would help maintain public confidence as the government strengthened the reporting system, she said.

The bill was among four pieces of legislation introduced in the Senate. The others were the Firearms Amendment Bill, the Sexual Offences Amendment Bill and the Limitation Amendment Bill, all of 2026.

The Senate suspended its rules to allow the bills to proceed through their second and third readings during the sitting.

This article was originally published by Antigua News Room. Read the original article here: Digital money added to Antigua and Barbuda’s financial reporting system.