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GIFCS meets in London April 2022

The GIFCS held its first Plenary meeting of 2022 in London on 26 & 27 April.  The meeting was held on a hybrid basis, with nearly half the membership attending in person and the remainder, together with Observers, joining virtually. 

The meeting covered: 

  • Impact of new technology on the regulation and supervision of financial services (with special reference to developments in BigTech, blockchain, crypto assets and new digital services)
  • AML/CFT oversight of designated non-financial businesses and professions
  • Establishing a Resolution Authority
  • Considerations and possible consequences of issuing a central bank digital currency
  • Integrating climate-related and environmental risks into prudential supervision: an update on the NGFS Guide for Supervisors and Progress Report
  • TCSP college meetings
  • New member applications 

Speakers on the above included the Bank of England, Bank of Mauritius, Central Bank of The Bahamas, ICAEW, IMF, Jersey Resolution Authority and the Network for Greening the Financial System. 

John Aspden, Chairman of GIFCS, explained “The occasion marked a very successful return to our usual practice of holding in-person meetings, having had to meet virtually during the last two years.  The programme was specifically chosen to cover a number of key issues on the supervisory agenda and we were very grateful for the strong support received from a range of speakers.”. 
GIFCS’ next Plenary meeting will be held on a date to be announced in Autumn 2022. 
6 May 2022 
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  
Bucks Road  
Isle of Man IM99 1DT 
Tel: +44 (0)740361089