The program of assessments is based on the paper presented to the IMF Board “Offshore Financial Centers—the Role of the IMF.”
As endorsed by the FATF in October 2002 and by the Fund’s Executive Board in November 2002.
The Development Bank is not subject to the FSC’s authority.
The Development Bank of the Virgin Islands.
A summary of findings for AML/CFT is reported separately below.
Public borrowing must first be approved by the FCO.
Unless otherwise stated, data is as of end-September 2002.
See Appendix 1 for a detailed description of the FSC.
Plans are to bring the GOB under the FSC’s authority; previously it had been assumed that the presence of government appointed directors rendered unnecessary the need for additional supervision.
Areas reserved for the Board include advising the Executive Council on any need governmental action (including with respect to the FSC budget); issuing directives, guidelines, codes of conduct, etc.; appointing advisory committees; preparation of the annual reports; approving jurisdictions for provision of assistance; granting or revoking exemptions from the FSCA, granting certain key changes in the terms of licensees; and any major enforcement actions, including the revoking of any licenses of a covered person.
Administrative functions are undertaken through the financial controller, operations manager, and human resources manager.
A captive insurer is one that is organized and operated primarily to insure the other business risks of the founders of the firm. Insurance is not sold to the public at large. Often, groups of similar businesses, presumably with similar risk exposures, will organize such insurers. Captive insurers generally have comparatively low capitalization requirements compared to standard commercial insurance companies. In some jurisdictions, capital does not have to be paid in but can consist of letters of credit or other types of instruments.
Aspects of the assessment for which the IAE is responsible are marked in italics.
The acronym FINU is used to avoid confusion with Financial Intelligence Units or FIUs.