Antigua and Barbuda is moving to expand its financial reporting framework to include certain electronic money products and central bank digital currencies as the country prepares for an international compliance evaluation next year.
Prime Minister Gaston Browne outlined the changes in Parliament on Monday while presenting the Automatic Exchange of Financial Account Information (Amendment) Bill 2026 for its second and third readings.
Browne described the changes largely as administrative refinements designed to keep Antigua and Barbuda’s legislation aligned with evolving international standards for the automatic exchange of financial account information.
One of the significant changes is an expanded definition of a “depository account.”
Under the amendment, the definition covers traditional commercial checking, savings, time and thrift accounts, as well as accounts evidenced by certificates of deposit and similar financial instruments.
It also extends to certain amounts held by insurance companies under guaranteed investment contracts and similar arrangements.
The legislation further brings accounts representing specified electronic money products within the definition, along with accounts holding one or more central bank digital currencies for the benefit of customers.
Browne said the expanded definition reflects changes in the financial system since the reporting framework was originally established.
He noted that central bank digital assets, for example, were not previously part of the financial landscape and therefore had not been captured by older definitions.
“What they’ve done, Mr Speaker, here is just broaden the form of deposits,” Browne told Parliament.
The bill also updates Antigua and Barbuda’s application of the Common Reporting Standard, or CRS, developed by the Organisation for Economic Co-operation and Development.
The amendments incorporate changes to the international standard approved in 2023 and make adjustments to several definitions governing which financial accounts, institutions and interests fall within the reporting system.
Changes also address equity interests in partnerships and trusts that qualify as financial institutions.
In the case of a partnership, the legislation covers capital or profit interests. For trusts classified as financial institutions, the provisions extend to people treated as settlors or beneficial owners and other individuals exercising ultimate effective control.
The legislation also addresses reporting and non-reporting financial institutions and makes provision for qualified nonprofit entities.
Transitional arrangements are included to govern implementation of the updated Common Reporting Standard and the information financial institutions will be required to report.
Browne said the amendments are intended to ensure Antigua and Barbuda remains compliant with international financial transparency requirements.
He told lawmakers the country is due to undergo a mutual evaluation in 2027, during which evaluators are expected to examine both the country’s legal framework and how effectively its financial compliance systems operate.
The prime minister stressed that the legislation represents only one component of that wider assessment.
The amendments follow previous changes made to the Automatic Exchange of Financial Account Information Act in 2025 as Antigua and Barbuda continues updating its domestic laws to reflect revisions to international financial reporting standards.
This article was originally published by Antigua News Room. Read the original article here: Antigua and Barbuda Expands Financial Reporting Rules to Cover Digital Currencies.