Offshore Financial Centers - The Assessment Program - A Progress Report

Volume/Issue: Volume 2006 Issue 058

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Banks and Banking , PP , jurisdiction , information , information exchange , information framework initiative , data submission , information sharing , information dissemination , CFT supervision , CFT workshop , Offshore financial centers , Anti-money laundering and combating the financing of terrorism (AML/CFT) , Caribbean , Global , Middle East

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Summary

This paper updates Executive Directors on the progress since February 2005 in implementing the second phase of the offshore financial center (OFC) program as agreed in November 2003 (see PIN No. 03/138 at http://www.imf.org). At that time, Directors recognized that OFCs could pose prudential and financial integrity risks to the international financial system. In this context, Directors agreed that the monitoring of OFCs' activities and their compliance with supervisory and integrity standards should become a standard component of the financial sector work of the Fund. They also requested periodic updates on the progress with implementation of the program. Earlier updates were provided in March 2004 (Offshore Financial Centers—The Assessment Program—An Update) and February 2005 (Offshore Financial Centers—The Assessment Program—A Progress Report). With the completion of the first round of assessments, staff have begun implementing the second phase of the program.