GIFCS increases membership – Andorran Financial Authority
The GIFCS is pleased to announce that the Andorran Financial Authority (AFA) has joined the group as a member. The AFA is the prudential supervisor and regulator of the financial system of the Principality of Andorra.
John Aspden, Chairman of GIFCS, said “GIFCS is a long-established group of financial services supervisors, in particular of smaller nations involved in international finance business. We are delighted that Andorra has joined us, which will further increase our ability to contribute to the development and effective implementation of regulation in a smaller nation context”.
David Cerqueda, Managing Director of the AFA, commented “AFA is honoured to join the Group of International Financial Centre Supervisors, as Andorra has developed into a reputable global financial center, known for its robust banking system, transparency, and adherence to international standards. By becoming a member of the GIFCS, Andorra demonstrates its commitment to upholding the highest regulatory standards and fostering a secure and well-regulated financial environment.”.
Notes for editors
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. Today its membership accounts for a market share of approaching 10% of global international banking assets. The Group, which meets formally twice a year, has become a very positive contributor to promoting compliance among its membership with the Basel Core Principles and the FATF Recommendations on AML/CFT. It also contributes to some of the work of IOSCO.
The GIFCS has become recognised as a leading authority on the regulation of trust and company service providers, the interface of these intermediaries with AML/CFT standards, and on the principle of identifying beneficial owners behind trust and company structures. It has issued an international Standard for the regulation of the TCSP sector, which is being implemented by members and against which their compliance is formally evaluated.
John R Aspden
Group of International Finance Centre Supervisors
C/o PO Box 58
Finch Hill House
Isle of Man IM99 1DT
Tel: +44 (0)7403610895