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International Monetary Fund

the Basel Committee’s paper “Principles for the Management of Credit Risk.” A covering memorandum from the GFSC stated, inter alia, a statement that the Commission endorses the principles contained in the paper and expects banks to have taken account of them. It also stated that the extent to which banks have taken account of those principles will be reviewed when the Commission carries out on-site credit reviews. Access to information is freely available to GFSC staff and the ten largest exposures/nonbank investments and all large exposures are reported to the GFSC

International Monetary Fund
The Basel Core Principles for Effective Banking Supervision (BCP) assessment confirms the high standard of prudential regulation and supervision described in the 2003 assessment, and found that the issues identified have largely been addressed. The Guernsey Financial Services Commission (GFSC), being the integrated regulator, is responsible for the regulation and supervision of all financial institutions and services provided on the island, and as the banking supervisor, has disciplinary powers to address safety and soundness issues. The GFSC cooperates with the home supervisors of institutions active on the island. Several broad areas for further action have been identified.
International Monetary Fund
The completion of the detailed assessment serves several purposes. First, it benchmarks the current state of banking supervision, recognizing that there have been extensive changes in the last 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. The assessment of the effectiveness of banking supervision was based on a review of the legal framework.
International Monetary Fund

the thing is done or omitted to be done in bad faith. GFSC staff who have carried out their duties in good faith and against whom a lawsuit is taken will have their costs defending such a lawsuit met by the GFSC. Management believes that the GFSC has adequate financial resources to cover the costs of defending its actions and, under the FSC(G)L (s15) it may borrow from the government (States General Revenue Account) to assist it to carry out its functions. The GFSC may also borrow from any person provided that it may not borrow monies at any time to the extent that

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.
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.