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GIFCS Press Release - Additional member commits to Multi-Lateral Memorandum of Understanding

GIFCS* 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
Bucks Road
Isle of Man IM99 1DT

Tel: +44 (0)7403610895

17 January 2018

* See

** See

*** 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.