GIFCS completes a third evaluation under its TCSP Standard
The Group of International Finance Centre Supervisors (GIFCS)) has completed a further evaluation of compliance by member jurisdictions with its Standard on the Regulation of Trust and Company Service Providers, in respect of the British Virgin Islands (BVI).
The BVI is the third jurisdiction to be assessed under the Standard which is established as an international benchmark for regulating trust and corporate service providers. The BVI Financial Services Commission has published the report which can be viewed at https://www.bvifsc.vg/sites/default/files/bvi_gifsc_report.pdf
John Aspden, Chairman of GIFCS, said "The Standard, which was drawn up by members to provide a credible and comprehensive basis for regulating the sector, establishes a high threshold. I am very pleased that we have completed a third evaluation, in this case of the BVI. Effectively implemented with an independent review of compliance, the Standard provides a foundation for actively encouraging good conduct and administration in the sector". He added "There is no point in having a Standard unless it is seen to be effectively implemented. GIFCS members are committed to implementing the Standard and peer group evaluations are a very important part of the process".
11 December 2020
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 has also contributed to 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 regulation of this sector, which is being implemented by members and against which their compliance is being formally evaluated. Please see www.groupgifcs.org for further information.