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International Monetary Fund

is available to a regulator about an FSB that has not been communicated formally, either publicly or confidentially, to the FSB itself. If, in these circumstances, a regulator in Jurisdiction A passes on, confidentially, serious concerns about an FSB to a regulator in Jurisdiction B that are relevant to an application by that FSB (or a closely associated FSB) in Jurisdiction B, it may not be possible for the regulator in Jurisdiction B to reveal that the information was a reason for rejecting an application. On the one hand, it is unfair to the FSB, as a license

International Monetary Fund

Abstract

1.1. This chapter discusses the practices in Hong Kong Special Administrative Region (SAR), in terms of cross-border cooperation and information sharing with other banking supervisors. It also covers the arrangements for sharing information with the other financial regulators in Hong Kong SAR.

International Monetary Fund

Abstract

1.1. The Commonwealth of The Bahamas is a sovereign nation, with a population of just over 300,000, lying southeast of the United States. There are some 30 inhabited islands out of a total of around 700. The two most populated are New Providence (with the capital, Nassau) and Grand Bahama.

JEAN-FRANÇOIS THONY

Abstract

1.1. Countries recognize that strong regional and international cooperation on cross-border transactions, including the implementation of best practices concerning information sharing in criminal matters, are needed if they are to be successful in combating money laundering (ML) and the financing of terrorism (FT).

JEAN-FRANÇOIS THONY

Abstract

1.1. Countries recognize that strong regional and international cooperation on cross-border transactions, including the implementation of best practices concerning information sharing in criminal matters, are needed if they are to be successful in combating money laundering (ML) and the financing of terrorism (FT).

International Monetary Fund

Abstract

1.1. The International Association of Insurance Supervisors (IAIS) is pleased to be invited to contribute to this book on cross-border cooperation and information exchange. I am writing this chapter as a member of the Executive Committee of the IAIS on behalf of the IAIS as a whole.

International Monetary Fund

Abstract

1.1. The ability to protect domestic securities markets turns on the ability to obtain and provide international cooperation. Capital markets today are increasingly global because transactions transcend national boundaries with greater frequency and speed; public companies raise capital beyond their geographic boundaries; and investors trade outside their countries. Fraudsters are equally unconstrained by borders; they engage in illegal conduct in a multitude of jurisdictions, often simultaneously, and they transfer illegal proceeds to numerous jurisdictions in an effort to evade detection and prosecution. This globalization of fraud is a critical issue for every securities regulator, because illegal conduct that goes without detection or prosecution affects each and every one of our markets. It affects the confidence of our investors and their willingness to invest, and it affects capital formation. And, if aspects of the illegal activity can occur within any of our borders, without fear of detection, we can be assured that those who are inclined to engage in fraud will migrate to these vulnerable markets.

International Monetary Fund

Abstract

1.1. The British Virgin Islands (BVI) Financial Services Commission (FSC) is the authority that is responsible for regulating financial services business that is carried on in or from within the BVI. This includes banking and trust company business, company management business, mutual fund business, and insurance business.