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Jean-François Thony

Abstract

1.1. Countries recognize that strong regional and international cooperation on cross-border transactions, including the implementation of best practices concerning information sharing in criminal matters, are needed if they are to be successful in combating money laundering (ML) and the financing of terrorism (FT).

Rochelle A. Deleveaux

Abstract

1.1. The Commonwealth of The Bahamas is a sovereign nation, with a population of just over 300,000, lying southeast of the United States. There are some 30 inhabited islands out of a total of around 700. The two most populated are New Providence (with the capital, Nassau) and Grand Bahama.

Giuseppe Godano

Abstract

1.1. Market integration increases the need for information exchange among supervisory authorities. Even if many supervisory issues are discussed in multilateral forums, information is generally exchanged between two authorities and it is therefore important to establish bilateral contacts.

Ethiopis Tafara

Abstract

1.1. The ability to protect domestic securities markets turns on the ability to obtain and provide international cooperation. Capital markets today are increasingly global because transactions transcend national boundaries with greater frequency and speed; public companies raise capital beyond their geographic boundaries; and investors trade outside their countries. Fraudsters are equally unconstrained by borders; they engage in illegal conduct in a multitude of jurisdictions, often simultaneously, and they transfer illegal proceeds to numerous jurisdictions in an effort to evade detection and prosecution. This globalization of fraud is a critical issue for every securities regulator, because illegal conduct that goes without detection or prosecution affects each and every one of our markets. It affects the confidence of our investors and their willingness to invest, and it affects capital formation. And, if aspects of the illegal activity can occur within any of our borders, without fear of detection, we can be assured that those who are inclined to engage in fraud will migrate to these vulnerable markets.

Jacqueline Wilson

Abstract

1.1. The British Virgin Islands (BVI) Financial Services Commission (FSC) is the authority that is responsible for regulating financial services business that is carried on in or from within the BVI. This includes banking and trust company business, company management business, mutual fund business, and insurance business.

Richard Pratt and Henry N. Schiffman

Abstract

1.1. What are the main barriers to international cooperation between regulators, and how can they best be overcome? This was the focus for discussion at the IMF Cross-Border Cooperation Conference held in Washington, D.C. on July 7 and 8, 2004.

Oana M. Nedelescu and Mary G. Zephirin

Abstract

This paper reviews the key findings of a survey on cross-border cooperation and information exchange among financial sector regulators and agencies, conducted between May and December 2004, of 74 banking, insurance, and securities regulators and financial intelligence units from 52 countries.