The International Monetary Fund today issued a Public Information Notice (PIN) advising of the completion of a review by its Executive Board of the offshore financial centre (OFC) assessment program. (See link to Background Paper)
IMF Executive Directors have commended the significant progress made by the program, concluding that the regular monitoring of OFCs should become a standard component of the work of the Fund.
The Executive Board also agreed on the key elements for the future of the program, including regular monitoring by the IMF of OFC’s supervisory and regulatory systems, and ways to improve transparency of OFCs supervisory systems and activities. Other key elements include enhancing technical assistance, and collaboration with standard setters and supervisors to strengthen standards and exchanges of information.
When the program was initiated in 2000, IMF staff contacted 44 jurisdictions known to have significant cross-border business or those with separate offshore financial legislation to inquire if these jurisdictions would agree to IMF assessments of their supervisory and regulatory systems. Forty of the 44 jurisdictions initially contacted have been assessed, including The Bahamas.
See link below to an IMF Paper describing the findings of the program and staff proposals to take it forward.