Anguilla is in the process of strengthening its legal and supervisory framework, which includes the creation of an operationally independent regulatory body, the Financial Services Commission. Priority should be given to improving the system for suspicious transaction reports, enhancing the customer due diligence requirements for introduced business, and conducting onsite inspections of company and trust service providers. The aim is to issue regulatory and industry codes that broadly meet the recommended best practices as contained in the draft Offshore Group of Banking Supervisors’ Statement.
appropriate action for failure to report.
Previous regulatory reviews
23. In March 1999 the UKGovernmentWhitePaper “Partnership for Progress and Prosperity: Britain and the Overseas Territories” was presented to the UK Parliament. The White Paper recognized that the international financial service industry has grown dramatically in recent decades and that a significant number of the Overseas Territories have developed offshore financial sectors and so diversified their economies. The White Paper further commented that it was essential for the future of the
This paper assesses the observance of financial sector supervisory standards of Montserrat in the context of a Module 2 offshore financial center assessment. It reviews the extent to which the regulatory and supervisory arrangements for the offshore financial sector complied with internationally accepted standards in the offshore banking sector. The assessment also includes an evaluation of measures related to antimoney laundering and combating the financing of terrorism (AML/CFT) based on the AML/CFT methodology, which was endorsed by the Financial Action Task Force (FATF).
Offences Act, the Criminal Justice (International Cooperation) (Anguilla) Act, Regulations, and the Anti-Terrorism (Financial and other Measures) (Overseas Territories) Order. Codes of Practice and Guidance Notes have also been issued to guide financial institutions in the implementation of the various laws.
D. Previous Regulatory Reviews
31. In March 1999, the UKGovernmentWhitePaper “Partnership for Progress and Prosperity: Britain and the Overseas Territories” was presented to the UK Parliament. The White Paper recognized that the international financial