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GIFCS members meet to discuss: Virtual assets, Supervisory approaches on ESG strategy, Enforcement techniques

The GIFCS held its second Plenary meeting of 2022 in Mauritius from 22-24 November.  The meeting was hosted jointly by Bank of Mauritius and the Mauritius Financial Services Commission.

The meeting covered:

  • Virtual assets and the regulatory/supervisory response
  • Supervisory approaches towards a meaningful ESG strategy
  • Enforcement techniques as part of the regulatory process
  • College meetings of supervisors of trust and company service providers
  • New member applications

 Speakers on the above included the Bank of Mauritius, the Financial Stability Institute, the Mauritius Financial Services Commission and other member organisations.

John Aspden, Chairman of GIFCS, commented “The key theme of this meeting was for all those present to discuss and share experiences on key topical issues.  These are areas where supervision is very much still evolving, so it was especially beneficial to look at examples of good practice in a smaller-nation context.”  He added “I would like to express our sincere appreciation to colleagues in Mauritius for hosting this important event.”

GIFCS’ next Plenary meeting will be held in London in April 2023.

13 December 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)7403610895