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International Monetary Fund. Western Hemisphere Dept.

developments, attracting offshore banks and other types of international financial institutions as early as the 1960’s. 3 The Bahamas OFC currently includes bank and trust companies, insurance companies, investment funds, other financial and corporate service providers, non-bank money transmission business, and international business companies (IBCs) ( Table 1 ), with total assets in the offshore sector reaching US$332 billion at end-2016, significantly larger than the domestic financial system, which holds assets of US$20 billion. 4 Table 1. Structure of the Offshore

International Monetary Fund. Western Hemisphere Dept.
This Selected Issues paper assesses the recent trends in The Bahamas’ offshore financial center (OFC) and their contribution to the real economy. The Bahamas hosts one of the largest OFCs in the world. International banks are the most important institutions in the Bahamian OFC. Despite a sharp contraction in the size of the offshore sector, the direct impact on the real economy appears to have been modest. The direct contribution of offshore banks to the real economy appears to have remained broadly stable, reflecting an orderly adjustment so far. Strong compliance with anti–money laundering and combating the financing of terrorism and tax transparency standards should help ensure that this orderly adjustment continues.
International Monetary Fund. Western Hemisphere Dept.
International Monetary Fund. Western Hemisphere Dept.
International Monetary Fund

order to pave the way for further reforms and private sector participation. 24. Implementation of the reforms underpinning the power strategy gained momentum with the unbundling of National Electric Power Agency into eleven distribution business units, six generation units and a Transmission Business Unit between January and October 2004 . These units are now operating as virtual companies as a prelude to their eventual set up as registered public companies under the new Electric Power Sector Reform Act. 25. The transport strategy which focuses on rapidly

International Monetary Fund
This paper presents a Joint Staff Advisory Note on Nigeria’s Poverty Reduction Strategy Paper. Within the framework of Nigeria’s federation, policy coordination between the three tiers of government is critical for achieving poverty reduction objectives. The National Economic Empowerment and Development Strategy (NEEDS) provides for a considerable increase in public investments, which primarily reflects the government’s desire to address the country’s vast development requirements. NEEDS places considerable emphasis on strengthening public expenditure management to ensure that spending is effective, efficient, and clearly linked to the achievement of objectives of NEEDS.
International Monetary Fund

AML/CFT breaches in the context of the implementation of the 3 rd EU ML Directive. 34. Money transmission businesses or services that operate in Ireland will be supervised and monitored by the Financial Regulator in the same way as bureaux de change and all AML/CFT obligations that are applicable to the other institutions are also applicable to the money remitters. 35. Overall, the evaluation team found that the AML/CFT requirements contained in the CJA (1994), combined with the sets of guidance notes, go some way towards meeting the FATF requirements but do

International Monetary Fund
This report discusses the Observance of Standards and Codes on the Financial Action Task Force (FATF) Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) for Ireland. The report provides a summary of the AML/CFT measures in place in Ireland as at July 2005, analyzes those measures, and provides recommendations on how certain aspects of the system could be strengthened. It also sets out Ireland’s levels of compliance with the FATF 40 Recommendations.
International Monetary Fund

exercises regulatory and supervisory oversight of banks, trust companies, money transmission businesses and private trust companies. 13 An update assessment of the Bahamian financial system under the Financial Sector Assessment Program is scheduled in 2012. 14 The Bahamas Compliance Commission, a part of the jurisdiction’s anti-money laundering efforts, is a supervisory body for groups of professionals (e.g., lawyers, accountants) that hold funds on behalf of clients. It works closely with the Inspector of Financial and Corporate Service Providers, who

International Monetary Fund

St. Vincent and the Grenadines (SVG) is exposed to money laundering (ML) and financing of terrorism (FT) risk related to drug trafficking and international criminal groups. The financing of terrorism has also been criminalized and is largely in conformity with the Suppression of the Financing of Terrorism (SFT) Convention. The legal and institutional framework regarding the cross-border transportation of cash and bearer instruments is largely in place. The preventive measures regime covers most of the financial and designated nonfinancial businesses and professions (DNFBP) sectors as required under the Financial Action Task Force (FATF) Recommendations.