The Gibraltarian financial services sector received a boost this week, when an International Monetary Fund (IMF) report announced that the jurisdiction is 'at the forefront of the development of good practices.'
The IMF praised the region's regulatory body, the Financial Services Commission, observing that it: 'carries out its duties diligently and has an intimate knowldege of the institutions under its supervision.'
According to a joint statement released by the Gibraltar Government and the Financial Services Commission on Wednesday, the jurisdiction is only the third to volunteer for an IMF examination of the degree to which regulatory standards in the financial services sector comply with internationally accepted standards.
The IMF's verdict was warmly welcomed on the Rock yesterday, and Keith Azopardi, the Minister responsible for Finacial Services commented that: 'This positive assessment by the IMF is yet another endorsement of the high international standards achieved by Gibraltar's financial services sector.'
Martin Fuggle, the FSC Chairman also announced that he welcomed the conclusions of the IMF report.
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