Purpose and Objectives
The GIFCS is a long-established group of financial services supervisors with a core interest of promoting the adoption of international regulatory standards especially in the banking, fiduciary and AML/CFT arena.
The GIFCS was established in 1980. Its membership accounts for a market share of nearly 10% of global international banking assets. The Group has become a very positive contributor to promoting compliance among its membership with the Basel Core Principles for Effective Banking Supervision, the IOSCO Principles of Securities Regulation, and the Recommendations of the FATF. Through the publication of an international standard the GIFCS has also become recognised as a leading authority on the regulation of trust and company service providers, and the interface of these intermediaries with AML/CFT standards.
The Group’s purposes are to:
1. Contribute to global financial stability through the support and adoption of international regulatory standards and the promotion of best practice where appropriate.
2. Apply its collective expertise to participate in change and effectively influence debate and consultation on evolving regulatory standards.
3. Provide mutual technical support to each other and a forum for promoting common interests.
In order to fulfil its purpose, the Group’s objectives are to –
- participate with relevant international organisations in setting, and promoting effective implementation of, international standards for the supervision of financial services and for combating money laundering, terrorist financing and the proliferation of weapons of mass destruction;
- encourage effective co-operation between all supervisors, in particular between parent and host supervisors, as well as the passing of regulatory information to facilitate financial stability
- as part of the global initiative, take supervisory measures to facilitate financial stability in member countries, and encourage greater transparency in business flows to and from member countries
- encourage effective oversight of trust and company service provider business in member countries, in particular through the adoption of relevant standards for such businesses
- enable members to identify and discuss issues of mutual and common interest and, where appropriate, to use collective expertise in providing input and contribution as an influence on change.
In order to implement the above objectives the Group has set, as key priorities, tasks to:
• Build capacity further to influence and contribute to regulatory developments as they affect members’ interests.
• Enhance interaction and communication with external stakeholders to promote members’ interests and a better understanding of the positive impact which they have on the global market place.
• Enlarge the membership base with regulators of standing having similar interests and who are committed to pursuing the purpose and objectives set out above.
The Group’s Constitution reflects the above.