GIFCS meets to discuss regulatory response to COVID-19
The Group of International Finance Centre Supervisors (GIFCS)* held a virtual Plenary meeting on 29 April 2020. The meeting was an important opportunity to share experiences in addressing the pandemic environment.
The topics discussed at the meeting were as follows.
- Membership response to the COVID-19 outbreak: implications for managing business continuity and financial stability
- Regulatory and supervisory developments in the new environment
- GIFCS submission to the FATF Strategic review
- Evaluation of members’ compliance with the GIFCS Standard on the regulation of trust and company service providers
- Best practice expectations for corporate directors
- New applications for GIFCS membership
- Input for the next GIFCS Plenary expected to be held in Vancouver in October 2020
8 May 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 expanding 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 pro-active 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 work of the FATF and 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.
John R Aspden
Group of International Finance Centre Supervisors
Tel: +44 (0)7403610895
* Members are Antigua & Barbuda, Aruba, The Bahamas, Barbados, Bermuda, BVI, Cayman Islands, Cook Islands, Curacao & Sint Maarten, Gibraltar, Guernsey, Isle of Man, Jersey, Labuan, Macao SAR, Mauritius, Qatar, Samoa, Seychelles, Turks & Caicos Islands and Vanuatu.