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Having broadened its role as a representative on behalf of numerous offshore financial centres in issues pertaining to financial sector regulation and best standards, the Offshore Group of Banking Supervisors has decided to rebrand itself the 'Group of International Finance Centre Supervisors’ (GIFCS).
Explaining the decision, GIFCS Chairman, Colin Powell, said the change has been made to reflect more accurately the current scope of the Group’s activities.
"When the OGBS was formed in 1980, through the initiative of the Basel Committee on Banking Supervision, its mandate was limited to banking supervision. With the passage of time the Group has been increasingly recognized by relevant international organizations as a representative body that is also making a valuable contribution to combating money laundering/terrorism financing, the regulation of trust and company service providers, and most recently the regulation of hedge funds,” Powell said.
The current members of the GIFCS are: Aruba, Bahamas, Barbados, Bermuda, British Virgin Islands, Cayman Islands, Cook Islands, Gibraltar, Guernsey, Isle of Man, Jersey, Labuan, Macau China, Mauritius, Panama, Samoa, Vanuatu and the Central Bank of Curacao and Saint Maarten.
The Group has observer status with the Financial Action Task Force on Money Laundering and Terrorist Financing, has a close working relationship with the Basel Committee, and continues to play an active role in both promoting compliance with, and participating in the setting of, relevant international standards. The Group issued in 2002 a best practice paper on trust and company service providers and has actively promoted the adoption of best practices on a global basis. Most recently the Group has produced a paper on hedge fund regulation and has sought to establish a working relationship with IOSCO.
The Group has an established policy of inclusivity as far as membership is concerned, subject to certain conditions being met relating to the extent of a jurisdiction’s commitment to the relevant international standards.
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