Back to all news

GIFCS completes a further 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 Cayman Islands. 

The Cayman Islands is the second jurisdiction to be assessed under the Standard which is established as an international benchmark for regulating trust and corporate service providers. The Cayman Islands Monetary Authority has published the report which can be viewed at

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. Effectively implemented with an independent review of compliance, it provides a foundation for giving confidence to a business sector which is following principles of good conduct and administration". 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 an important part of the process".

Mrs Cindy Scotland, Managing Director of the Cayman Islands Authority, said “The Authority works continuously to ensure delivery of appropriate supervision to the Cayman Islands’ financial services sector, which notably includes TCSPs. As a GIFCS member that was instrumental in establishing and adopting the Standard, the Authority supports the necessary efforts that afford the meaningful implementation of the Standard’s principles across the existing GIFCS membership and beyond.”  She added “I commend the efforts of the GIFCS team in completing the onsite inspection and report for the mutual evaluation of the Cayman Islands against the Standard on the Regulation of Trust and Corporate Service Providers.”

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 for further information.