Parliament passes Special Economic Zone Amendment Bill as attorney general warns Antigua ‘must not be left behind’

Parliament passes Special Economic Zone Amendment Bill as attorney general warns Antigua ‘must not be left behind’

Parliament has passed the Special Economic Zone Amendment Bill 2026, with Attorney General Sir Steadroy “Cutie” Benjamin telling lawmakers the changes are critical to attracting investment while ensuring compliance with international financial standards.

Introducing the bill, Benjamin said the government is responding to global economic shifts and positioning Antigua and Barbuda to compete for investment opportunities.

“This government, being proactive, looked at the geographical situation in which the world finds itself today… to create the environment to attract to Antigua and Barbuda persons who are desirous of establishing special economic zones,” he said.

He pointed to instability in parts of the world, particularly conflict in the Middle East, as creating opportunities for countries prepared to attract displaced investment.

“All over the world… there are countries vying to attract these persons… to do business,” Benjamin said, adding, “we are not therefore going to be left behind. We are moving with the times.”

The attorney general explained that the amendments strengthen the legal and regulatory framework governing special economic zones, updating provisions from the original 2015 legislation to reflect current realities.

“Things have changed… economies have changed,” he said, noting that the bill is designed “to strengthen and clarify the legal… framework governing special economic zones in Antigua and Barbuda.”

A major focus of the legislation is ensuring strict compliance with international financial regulations, including anti-money laundering and transparency requirements.

“All the activities in the zones [are] subjected to the laws of Antigua and Barbuda… including laws… on anti-money laundering, corporate transparency, financial regulation and law enforcement,” Benjamin told Parliament.

He added that the bill supports compliance with global standards “relating to prevention of money laundering, terrorist financing and proliferation financing.”

The amendments also introduce enhanced due diligence requirements for investors and operators.

“What we have effectively done is to ensure that all international obligations are complied with… identity is established, source of funds identified,” Benjamin said, stressing that safeguards are in place “to make sure that no one can come to this country and take advantage of our nation.”

The bill further clarifies licensing procedures, ensuring that businesses cannot begin operations within a zone until all regulatory requirements are met, and establishes a structured approval system for zone users.

Benjamin said the legislation creates “a system… to govern persons [who] come to the state with the intention of operating within our economic zones,” while maintaining full state oversight.

“Even if we’re in the zone… [entities] are all subjected to the control of the local law… because we want to ensure… we control what happens in the zone,” he said.

The attorney general also highlighted the global use of special economic zones as a development tool.

“These zones were established to attract foreign investments… boost exports, create jobs… and most importantly… to diversify our economy,” he said.

The bill was taken through its stages in the House and passed, establishing an updated framework to guide investment within special economic zones while tightening regulatory oversight.

Benjamin said the objective is to strike a balance between competitiveness and compliance, ensuring Antigua and Barbuda remains attractive to investors without compromising international obligations.

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