IMF Survey On Financial Markets Pulls In Offshore Participants
In January and February
this year, the statistics department of the International Monetary Fund (IMF)
organised five regional seminars for country authorities in support of the 2001
Coordinated Portfolio Investment Survery (CPIS). They included seminars held
by the Central Bank of Costa Rica for the Latin American countries and the Cayman
Islands Monetary Authority for small countries with international financial
centres. This year's CPIS will see more than 20 offshore jurisdictions participating
and it is hoped the survey will shed new light on the extent of money laundering.
Carol Carson, director of
the IMF's statistics department, said she hoped more than 70 countries in all
would take part in the IMF's second CPIS at the end of the year, the inaugural
survey having been conducted in 1997. A statement from the IMF said: 'The broader
participation in the 2001 survey helps fill some gaps in industrial country
coverage and adds a wide range of emerging markets. A notable feature of this
study is the inclusion of many small economies with international financial
centres; these jurisdictions have significant holdings of portfolio investments.
Bermuda is the only such country to have participated in the first survey.' But interest in the 2001
CPIS seems to be much greater in offshore jurisdictions than it was in 1997.
The IMF seminar hosted by the Cayman Islands Monetary Authority in early February,
for example, atracted participants from Aruba, the Bahamas, Barbados, Bermuda,
the British Virgin Islands, the Caymans, Guernsey, the Isle of Man, Jersey,
the Netherlands Antilles and Vanuatu. The 1997 survey covered
asset holdings of equitites and long-term debt securities. Participants in the
2001 CPIS are required to provide date on cross-border holdings of debt (both
long and short term) and equity securities, by the residence of the issuer.
Participants are also encouraged to provide data on country of holding of liabilities
and disaggregations by sector and currency. The CPIS is intended to complement
the work of the Bank for International Settlements on statistics on cross-border
positions of banks. Between the CPIS and the BIS, there will be full coverage
of banking and securities markets in participating countries based on common
principles. Carol Carson said the fact
that a greater number of offshore centres are keen to participate in the 2001
CPIS could be down to the pressure they have faced in recent months to crack
down on money laundering. She said: 'We know that they do want to be part of
the international community and this might be a gesture that might well give
them some useful information as well. They're all keeping an eye on each other.' .
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