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International Monetary Fund
Gibraltar’s Detailed Assessment Report of the Observance of the Basel Core Principles is examined. The principal risks are reputational risk, both for the Gibraltar authorities and for the banks, as the bulk of the assets managed are off the balance sheet with the investment risk carried by the client. Credit risk is largely limited to residential mortgage lending and is heightened by the rapid rise in prices both in Southern Spain and in Gibraltar itself.
International Monetary Fund
This paper presents Gibraltar’s assessment of Financial Sector Supervision and Regulation including reports on the Observance of Standards and Codes on banking and insurance supervision. The Financial Services Commission has been assigned significant additional resources and has developed a well-structured approach to the management of its resources that includes a risk-based approach to supervision. The assessment found a high standard of compliance with the Basel Core Principles for banking supervision.
International Monetary Fund

services to nonresident clients is the most important function (in terms of value added) conducted by the banks in Gibraltar . The banks provide various related services for wealth/asset management. The business may be directed to the banks through independent asset managers either located in Gibraltar or overseas, or through the parent offices, or acquired through Gibraltar based marketing efforts. Fiduciary deposits from parent banks are also a common feature of the banking industry in Gibraltar. The client base is made up mostly of European nationals who reside in

International Monetary Fund

the making of any necessary provisions. As nearly all the banks in Gibraltar are part of foreign-controlled banking groups, Gibraltar operations are also subject to credit policies of the head office or parent bank and these invariably include monitoring by the head office or parent credit department. In addition, internal audit functions would review and test application of the bank’s internal controls and procedures. In practice, lending by Gibraltar banks is mainly high quality and well secured, and losses have been low. The main types of lending are

International Monetary Fund

. 11/ Data for IBCs, Banks, Insurance companies, and Trust companies are from the November 2002 Article IV report for Vanuatu. 12/ Andorra’s banks also manage funds and sell life insurance products. 13/ Of the 20,000 active companies, only 1,080 maintain a physical presence in the country. Other domestic financial institutions consist of 360 credit cooperatives and 106 international finance service companies. 14/ All banks in Gibraltar are licensed to conduct business locally and internationally. Some banks elect to serve the offshore market

International Monetary Fund

assessment, or the nearest year available. 2/ Banks with licenses to operate offshore only. 3/ Locally-headquartered offshore banks. 4/ Includes both life and nonlife companies. 5/ The number of IBCs or exempt companies is usually estimated from permits granted. 6/ Includes mortgage banks, financial companies, investment banks where applicable. 7/ Andorra's banks manage funds and sell life insurance products. 8/ All banks in Gibraltar are licensed to conduct business locally and internationally. Some banks elect to serve the

International Monetary Fund
Gibraltar’s Detailed Assessment Report on Anti-Money Laundering (AML) and Combating the Financing of Terrorism is reviewed. The principal AML risk to Gibraltar is lodged in its professional sector, which is likely to be involved in the layering and integration of proceeds of crime. There is also some risk to Gibraltar at the placement stage, in connection with drug trafficking, migrant smuggling, and organized crime in southern Spain. The Financial Services Commission in Gibraltar has established a strong, risk-based framework for financial institutions for AML.
International Monetary Fund

) conducted by the banks in Gibraltar. The banks provide various related services for wealth/asset management. The business may be directed to the banks through independent asset managers either located in Gibraltar or overseas, or through the parent offices, or acquired through Gibraltar based marketing efforts. Fiduciary deposits from parent banks are also a common feature of the banking industry in Gibraltar. 33. The client base is made up mostly of Swiss-based investors and of U.K. or Western European nationals (excluding nationals of Spain and Portugal) who now