Annex—Observance of Financial Supervision Standards and Codes—Summary Assessments
This Annex contains the summary assessments of standards and codes in the financial sector. The assessment has helped to identify the extent to which the supervisory and regulatory framework is adequate to address the potential risks and vulnerabilities in the financial system.
The following detailed assessments were undertaken:
Basel Core Principles for Effective Banking Supervision—by Mr. Kruschel (BaFin) and Mr. MacDonald (consultant).
The IAIS Insurance Core Principles—by Mr. Tower (IMF/MCM).
The FATF 40+9 Recommendations for AML/CFT—by Mr. Donovan (IMF/LEG), Mr. Clemmer, Ms. Dunker, Ms. Kelaart-Courtney, and Mr. Verhelst (consultants), and approved by Mr. Hagan.
The IOM’s compliance with the international supervisory standards is generally high, and most of the issues raised in the 2003 assessment have been addressed.