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GIFCS completes first evaluation under its TCSP Standard

The Group of International Finance Centre Supervisors (GIFCS) has completed a first mutual evaluation of compliance under its Standard for the regulation and supervision of trust and company service providers

Jersey was the first member jurisdiction to be assessed under the Standard which is established as an international benchmark for regulating trust and corporate service providers. The Jersey Financial Services Commission 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, sets down a high threshold. Properly implemented with an independent review of compliance, it provides a foundation for giving confidence to a business sector which is following principles of good behaviour and administration". He added "There is no point in having a Standard unless it is seen to be effectively implemented. I am grateful to Jersey for being the first jurisdiction to be evaluated, as well as to the group of GIFCS members which carried out the review. This is a process which is now being followed with other GIFCS members".

Martin Moloney, JFSC Director General, commented:

"Putting ourselves forward as the first jurisdiction to be assessed demonstrates our ongoing commitment to maintaining high standards of trust company regulation. We are proud that we were able to help establish the foundations of this important evaluation process, which sets the benchmark for other international finance centres, and that, in doing so, we received top ratings from GIFCS for our regulatory regime."

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 regulation of this sector, which is being implemented by members and against which their compliance is being formally evaluated.

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23 April 2019


John R Aspden
Group of International Finance Centre Supervisors
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