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Ms. Dora Benedek, Martin Grote, Grace Jackson, Maksym Markevych, Mr. Christophe J Waerzeggers, and Ms. Lydia E Sofrona

This note explores the conditions, design elements, and implementation considerations of a successful voluntary disclosure program (VDP), including its compliance with anti–money laundering/combating the financing of terrorism (AML/CFT) international standards. The note emphasizes that such a program must be offered in the context of a considerably strengthened and credible enforcement capacity—one that is explicitly publicized to taxpayers—to avoid undermining tax morale.

Mr. Ashraf Khan
This paper argues that central bank legal protection contributes to safeguarding a central bank and its financial supervisor’s independence, especially for conducting monetary and financial stability policy. However, such legal protection also entails enhanced accountability. To this end, the paper provides a selected overview of legal protection for central banks and financial supervisors (if the supervisor is part of the central bank), focusing on liability, immunity, and indemnification arrangements, and based on the IMF’s Central Bank Legislation Database. The paper also uses data from the IMF’s Article IV and FSAP Database, and the IMF MCM’s Technical Assistance Database. It lists selected country cases for illustrative purposes. It introduces the concepts of “appropriate legal protection” and “function-specific legal protection” as topics for further research.
International Monetary Fund

actions would include—as a matter of urgency—the appointment of a qualified management team for CBSM and of a new head of banking supervision at the CBSM. 4. In January 2010, Parliament adopted, and the Captains Regent promulgated, amendments to the bank secrecy provisions contained in Article 36 of the San Marino financial supervision law which prohibits disclosure of confidential information. However, the amendments do not properly address the key criticisms identified by the mission (see paragraph # 80 of the FSSA). Article 36 still has no exception to the secrecy

International Monetary Fund
This 2009 Article IV Consultation highlights that the global financial crisis, which began to affect the economy of San Marino in the second half of 2008, is likely to continue to do so in 2009–10. Short-term vulnerabilities in the financial sector have risen owing to exposure of the largest bank to a troubled Italian banking group and to liquidity pressures from a tax amnesty adopted by the Italian government. Executive Directors have commended the authorities for strengthening international cooperation in economic and financial matters.
International Monetary Fund
This paper examines the Financial System Stability Assessment on Jersey. Most banks in Jersey are branches or subsidiaries of large international groups, to which they provide financing. This close relationship reduces risk in normal times, given the groups’ ability to support their Jersey operations. The Jersey Financial Services Commission has significantly reformed the regulatory framework of funds, mainly to make Jersey funds more attractive to institutional investors. A key challenge in insurance supervision is to maintain effective and proportionate regulation of a small sector with limited insurance risk.
International Monetary Fund
This Review of Financial Sector Regulation and Supervision in Labuan, Malaysia, highlights the supervisory and antimoney laundering frameworks. Labuan, an offshore financial center located in Malaysia, has all the essential elements for a suitable framework for financial supervision. Nonperforming loans are relatively high in the banking sector, and demand for credit has been soft. Securities and capital market activities in Labuan are still embryonic, and the supervisory regime for this sector will need to be fleshed out as business develops.
International Monetary Fund
This Report on the Observance of Standards and Codes data module provides a review of Botswana’s data dissemination practices against the IMF’s General Data Dissemination System, complemented by an in-depth assessment of the quality of the national accounts, consumer price index, producer price index, government finance, monetary, and balance-of-payments statistics. All three of Botswana’s statistics producing agencies have a legal and institutional framework that supports statistical quality and demonstrate an awareness of quality as the cornerstone of statistical work. All three agencies also demonstrates professionalism and provide ethical guidelines to their staff.
International Monetary Fund. Asia and Pacific Dept
This 2015 Article IV Consultation highlights that Vanuatu’s Real GDP is expected to decline by 2 percent in 2015 because of the cyclone damage to Vanuatu’s main export sectors—tourism and agriculture—which will be only partially offset by reconstruction activities and infrastructure investment. Risks to the outlook are biased to the downside since reconstruction may be constrained by availability of funding and by implementation capacity. Public sector recovery needs are estimated at about 20 percent of GDP. In 2016, a recovery in tourism and agriculture combined with further ramping-up of infrastructure projects is expected to propel growth to 5 percent.