GIFCS members meet to discuss implementation of Basel III, and the Recovery of Stolen Assets
The GIFCS held a Plenary meeting on 12-14 November 2024 in the Virgin Islands. The occasion included a workshop held in conjunction with the Stolen Assets Recovery Initiative (StAR) of the World Bank and UNODC.
Topics included were:
· Role of financial centres in supporting asset recovery
· Role of data and information sharing in asset recovery and returns
· Implementation of Basel III by smaller jurisdictions
· Typology review of TCSP supervision
· Companies Registry activities
· Supervisory challenges
· College meetings of TCSP supervisors
· Survey of GIFCS members’ sustainable finance practices
John Aspden, Chairman of GIFCS, commented “We were very pleased to partner with the Stolen Assets Recovery Initiative of the World Bank and UNODC, to discuss ways in which processes and capacity for recovering assets can be strengthened. Separately, Basel III has done much to enhance the financial strength of the global banking system, and it was especially useful to exchange views on how smaller nations are adopting this important measure.”.
GIFCS’ next Plenary meeting will be held in London on a date to be decided in April 2025.
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 significant market share of global international banking and fund 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 for AML/CFT. Members also contribute 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.
Contact:
John R Aspden
Chairman
Group of International Finance Centre Supervisors
C/o PO Box 58
Finch Hill House
Bucks Road
Douglas
Isle of Man IM99 1DT
Web: www.groupgifcs.org
Email: jaspden@groupgifcs.org
Tel: +44 (0)7403610895