Other Matters

The Group participated in the IMF Fifth Round Table for Offshore and Onshore Supervisors and Standard Setters held in Basel in January 2008 which focused on transparency issues.

In June 2008 the Group made a submission to the UK House of Commons Treasury Select Committee in response to that Committee’s announcement that it was to study the role of offshore financial centres for financial stability and transparency. In summary the overall message that the summary sought to convey is that in relation to financial stability and transparency, both to the extent of the existing commitment and the need for further action, offshore financial centres ought not to be separately distinguished but should be considered with jurisdictions generally. This is because financial stability issues are global in nature and call for a global response.

The Group is keen to maintain relationships with international organisations and representatives of relevant organisations are invited to attend Group meetings as observers. These include representatives of the IMF, the FATF, the Basel Committee on Banking Supervision, the Egmont Group, the United Kingdom Financial Services Authority and representatives from the FSRBs.

The Group has been invited as an observer at meetings organised by the UN Commission on Crime Prevention and Criminal Justice.