GIFCS Press Release - Additional member commits to Multi-Lateral Memorandum of UnderstandingGIFCS* has in place a Multi-Lateral Memorandum of Understanding (MMOU) to assist members in its work in supervising trust and company service providers, under the rigours of the Standard** adopted by GIFCS for this sector.
Samoa has now agreed the MMOU and provided a commitment to its terms. This brings the number of GIFCS members who have signed the MMOU to fifteen***, with remaining members active in TCSP business working towards full signatory status.
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, securities and AML/CFT arena.
The GIFCS was established in 1980. Today its present 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, the IOSCO principles of securities regulation and the FATF Recommendations on AML/CFT.
As a result the GIFCS has also become recognised as the 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 this sector, where co-operation is underpinned by a Multi-lateral Memorandum of Understanding agreed between members. This Standard is being brought into proactive effect through a peer assessment process.
The Group is continually expanding and includes a number of regular observers as part of its gatherings.
John R Aspden
Group of International Finance Centre Supervisors
C/o PO Box 58
Finch Hill House
Isle of Man IM99 1DT
17 January 2018
* See www.gifcs.org
*** Antigua & Barbuda, Aruba, Bermuda, BVI, Cayman Islands, Cook Islands, Curacao & Sint Maarten, Gibraltar, Guernsey, Isle of Man, Jersey, Labuan, Samoa, Turks & Caicos Islands and Vanuatu.