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Business and Economics > Public Finance

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Cover IMF Staff Country Reports
Kenya: Technical Assistance Report—Improving the Quality of Fiscal and Public Debt Data (October 7-16, 2019)
International Monetary Fund. Statistics Dept.
In response to a request from the Government of Kenya, an AFRITAC East (AFE) government finance statistics (GFS) technical assistance (TA) mission was conducted in Nairobi, Kenya, during October 7–16, 2019. The primary objective of the mission was to support staff in improving the quality of fiscal and public debt data for the general government and migration of the fiscal framework to Government Finance Statistics Manual 2014 (GFSM 2014) concepts to facilitate fiscal and debt policy analysis for improved public financial management. This is a continuation of the ongoing efforts in capacity development aimed at supporting member countries to adopt the GFSM 2014 and the Public Sector Debt Statistics Guide (PSDSG 2011).
Keywords:
IMF PSDS Questionnaire; appendix XI; appendix I. Implementation of recommendation; BCG statement; TA mission; Government finance statistics; Public sector; Fiscal governance; Total expenditures; Global
Cover IMF Staff Country Reports
United Kingdom: Observance by CREST of the CPSS-IOSCO Recommendations for Securities Settlement Systems Detailed Assessment of Observance
International Monetary Fund
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
Keywords:
ISCR; CR; settlement bank; U.S. dollar; central bank; settlement system; business case; credit risk; Securities; Securities settlement systems; Central securities depositories; Legal support in revenue administration; Payment systems; Global; Europe
Cover IMF Staff Country Reports
Guernsey: Detailed Assessment Report on Anti-Money Laundering and Combating the Financing of Terrorism
International Monetary Fund
This report provides a summary of the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) measures in place in Guernsey at the time of the mission or shortly thereafter. The assessors reviewed the institutional framework; the relevant AML/CFT laws, regulations, guidelines, and other requirements; and the regulatory and other systems in place to deter and punish money laundering (ML) and the financing of terrorism (FT) through financial institutions and Designated Non-Financial Businesses and Professions (DNFBP). The assessors also examined the capacity, implementation, and effectiveness of all these systems.
Keywords:
ISCR; CR; beneficial owner; criminal activity; drug trafficking; limited partnership; terrorist activity; criminal offense; due diligence; managing director; Anti-money laundering and combating the financing of terrorism (AML/CFT); Money laundering; Terrorism financing; Legal support in revenue administration; Europe; Africa
Cover IMF Staff Country Reports
Guernsey: Report on Observance of Standards and Codes-FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism
International Monetary Fund
Bailiwick of Guernsey has a Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) legal framework that provides the basis for an AML/CFT regime. It has a program to review and enhance AML/CFT legislation and monitor effectiveness of compliance with the AML/CFT regime. Assessors found that confiscation and provisional measures within Bailiwick are robust. They also found that previous designation mechanisms had a negative impact on the effectiveness of the mutual legal assistance system. The assessors recommended to enhance the requirements for the freezing and confiscation of terrorist assets, and also provided guidance.
Keywords:
ISCR; CR; authority; financial institution; Bailiwick authority; Guernsey extradition regime; law enforcement authorities; GFSC authority; extradition regime; Money laundering; Anti-money laundering and combating the financing of terrorism (AML/CFT); Legal support in revenue administration; Terrorism financing; Financial sector
Cover IMF Staff Country Reports
Guernsey: Financial Sector Assessment Program Update-Detailed Assessment of Observance on Insurance Core Principles
International Monetary Fund
Guernsey’s status as the largest international insurance center in Europe hinges on its progressive infrastructure and operational flexibility. Guernsey updates its regulatory regime continually and has implemented all the recommendations arising from the 2003 Offshore Financial Center (OFC) assessment. The updated regulatory framework has a high level of observance with the Insurance Core Principles (ICPs). The Guernsey Financial Services Commission (GFSC) should expand its range of enforcement powers and also implement the public disclosure standards established by the International Association of Insurance Supervisors (IAIS). The mission advised the GFSC to continually assess the practical implementation of Own Solvency Capital Assessment (OSCA).
Keywords:
ISCR; CR; insurance manager; risk assessment; insurance intermediary; life insurer; due diligence; investment strategy; market practitioner; risk matrix; insurance risk; senior management; reviews insurers' annual; insurance industry; Insurance companies; Insurance; Solvency; Anti-money laundering and combating the financing of terrorism (AML/CFT); Legal support in revenue administration; Global
Cover IMF Staff Country Reports
Jersey: Financial Sector Assessment Program Update: Detailed Assessment of Observance of the Basel Core Principles for Effective Banking Supervision
International Monetary Fund
Jersey’s macroeconomic performance is generally satisfactory. Unemployment is low, and the trend growth rate and inflation have been satisfactorily examined. A Detailed Assessment of the Observance of the Basel Core Principles for Effective Banking Supervision Report on Jersey was also done. The legal system, which is broadly based on common law with French and Norman elements, is highly developed. The authorities have substantially adequate powers to direct, intervene in, and close a troubled financial institution.
Keywords:
ISCR; CR; JFSC staff; risk management; holding company; business model; The JFSC bank; Banking code; Market risk; Internal audit; Credit risk; Financial statements; Middle East; Global
Cover IMF Staff Country Reports
Mauritius: Report on the Observance of Standards and Codes: FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism
International Monetary Fund
This report discusses Mauritius’s Observance of Standards and Codes for the Financial Action Task Force Recommendations for Anti-Money Laundering and special recommendations on Combating the Financing of Terrorism. Mauritius is pursuing a national strategy to diversify its economy into the provision of global financial services by taking advantage of its linkages with both African and Asian economies. Additionally, Mauritius intends to offer new products in Islamic financial services and wealth management.
Keywords:
ISCR; CR; Anti-Money Laundering; CFT framework; CFT; CFT measure; financial institution; CFT regulation; FSC licensee; FT offense; CFT purpose; FT typology; Anti-money laundering and combating the financing of terrorism (AML/CFT); Legal support in revenue administration; Money laundering; Terrorism financing; Global; Southern Africa; East Africa
Cover IMF Staff Country Reports
Isle of Man: Crown Dependency of the United Kingdom: Assessment of the Supervision and Regulation of the Financial Sector Volume II—Detailed Assessment of Observance of Standards and Codes
International Monetary Fund
This assessment of the Basel Core Principles for Effective Banking Supervision has been completed as part of the IMF Offshore Financial Center (OFC) assessment program. First, the assessment benchmarks the current state of banking supervision, recognizing that there have been extensive changes in the last few years. Second, it suggests a number of further improvements or changes. Thus, this report provides a key input for the development of an action plan to move toward full compliance with the Core Principles.
Keywords:
ISCR; CR; beneficial owner; holding company; business plan; credit risk; FSC staff; senior management; license holder; Anti-money laundering and combating the financing of terrorism (AML/CFT); Insurance; Money laundering; Insurance companies; Legal support in revenue administration; Global; Europe
Cover IMF Staff Country Reports
Jersey: Crown Dependency of the United Kingdom: Assessment of the Supervision and Regulation of the Financial Sector Volume II—Detailed Assessment of Observance of Standards and Cod
International Monetary Fund
This report reviews the assessment of Jersey’s compliance with the Basel core principles for effective banking supervision based on the Core Principles. It provides a detailed assessment of the antimoney laundering and combating the financing of terrorism regime of Jersey and reviews its laws and regulations, supervisory and regulatory systems, Jersey’s compliance with the International Association of Insurance Supervisors (IAIS) insurance core principles, and benchmarks the state of insurance supervision. It also analyzes the objectives and principles of securities regulation and provides a detailed assessment of trust and company service providers in Jersey.
Keywords:
ISCR; CR; insurance supervisor; trust company business; corporate governance; holding company; beneficial owner; business plan; credit risk; risk assessment; senior management; Codes of practice; Insurance; Insurance companies; Anti-money laundering and combating the financing of terrorism (AML/CFT); Legal support in revenue administration; Europe; Global