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St. Vincent and the Grenadines: Report on Observance of Standards and Codes — Basel Core Principles for Effective Banking Supervision—Offshore Banking
Author:
International Monetary Fund
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2004: Issue 305
Language:
English
Publication Date:
24 Sep 2004
DOI:
https://doi.org/10.5089/9781451839944.002
ISBN:
9781451839944
ISSN:
1934-7685
Pages:
12
Keywords:
ISCR; CR; bank; OFA; bank auditor; OFA examiner; rule; bank management contact; IBA amendment; examination procedure; a number of suspect bank; bank policy; bank basis; Offshore financial centers; Basel Core Principles; Capital adequacy requirements; Bank supervision; External audit; Caribbean
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This paper contains a summary assessment of adherence to the Basel Core Principles for Effective Banking Supervision with respect to the offshore sector of St. Vincent and the Grenadines. The St. Vincent and the Grenadines Offshore Finance Authority Act, 1996, and the International Banks Act, 1996, set out the framework for offshore bank supervision in the jurisdiction. The Offshore Finance Authority (OFA) has reportedly enjoyed substantial operational independence. However, it is recommended to enhance OFA’s role and legal independence on matters such as the power to set prudential rules administratively.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund