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International Monetary Fund. Asia and Pacific Dept

MEASURING ECONOMIC ACTIVITY CONTRIBUTION OF INTERNATIONAL FINANCIAL SERVICES TO GDP A. Trustee Companies, Ship Registry, and FSC B. FSDA PURCHASES OF GOODS AND SERVICES CONTRIBUTIONS TO OTHER SECTORS A. Banking Services B. Captive Insurance C. Business Travel TOTAL GDP CONTRIBUTION CONTRIBUTION TO GOVERNMENT REVENUES NET GDP AND REVENUE IMPACTS FIGURES 1. Total Fleet by Flag of Registration and Dead Weight Tons 2. GDP of Trustee Companies, Ship Registry, and FSC and Exchange Rate 3. International Financial Services Industy: Number of

International Monetary Fund

evaluation report III. Summary of Observance of Financial System Standards and Codes A. Basel Core Principles for Effective Banking Supervision General Institutional framework General preconditions for effective banking supervision Summary assessment B. Assessment of Anti-Money Laundering Measures General Institutional framework Legislative framework IV. Other Relevant Issues A. Company Service Providers Background Key features of the regulation and supervision of trustee companies Evaluation and recommendations B. The

International Monetary Fund

Countries or Territories PCR Proceeds of Crime (Border Currency Report Form) Regulations 2004 PFTAC Pacific Financial Technical Training Centre POCA Proceeds of Crime Act 2003 ROSC Report on the Observance of Standards and Codes TCA Trustee Companies Act 1981-82 UNSCR United Nations Security Council Resolution UNSCRA United Nations (Security Council Resolutions) Act 2003 P reface The Offshore Financial Center Assessment Report for the Cook Islands assesses supervision in the

International Monetary Fund

offshore sector. 5 9. The CI has become best known for specializing in the establishment of asset protection trusts, with much of the client base (mostly wealthy professionals) originating from the United States. Typically in such arrangements, the local trustee companies act as passive co-trustees, only assuming an active role when the protection clauses within the trust deed are triggered by some perceived threat to the assets. 6 Banks 10. There are three domestic banking operations in the CI, including branches of the ANZ and Westpac from Australia and the

International Monetary Fund

business in Samoa). Lower taxation and fewer regulatory restrictions have stimulated the growth of the OFC sector, though it has always remained relatively small by international comparison. 12, 13 At the end of August 2002, the Samoan offshore sector comprised the following: Trustee companies (6); International trusts (157); and International business companies (IBCs) (7,553), of which there were: – Long-term IBCs (141); 14 – International (offshore) banks (8); – Segregated fund international companies (3); and – International insurance companies (5

International Monetary Fund
This paper presents an assessment of the supervision and regulation of Samoa’s financial sector. The size of the offshore business remains very small compared with major offshore centers. The registration of International Business Companies represents the largest offshore business for Samoa. For offshore banks, the Samoan authorities have tightened regulatory controls following the amendment to the Offshore Banking Act in 1998, and as a result, the number of offshore banks has been reduced significantly.
International Monetary Fund. Asia and Pacific Dept
This technical assistance mission report underlines efforts to estimate the economic and revenue contributions of the international financial services industry in the Cook Islands. This report discusses the data and methodology used and presents the results. One matter that has been raised is that international companies are exempt from all taxes in the Cook Islands. The economic contribution of the international financial services industry can be measured by the value added of resident institutional units engaged, directly or indirectly, in the production of international financial services in the Cook Islands. The production of international financial services generates income which is distributed to the various agents or groups of agents who use that income to acquire goods and services for consumption now or later. The international financial services industry also contributes indirectly to gross domestic product through two channels. The first channel is through the goods and services that the industry purchases from other suppliers, such as electricity, accounting services, telecommunications, etc.
International Monetary Fund. Asia and Pacific Dept

the production of international financial services are subject to taxation. The value added of resident institutional units engaged in the production of goods and services in the Cook Islands is measured by gross domestic product (GDP). The international financial services industry directly contributes to the Cook Islands’ GDP through the activities of eight trustee companies, a ship registry, the Financial Supervisory Commission (FSC), and the Financial Services Development Authority (FSDA). The trustee companies provide corporate, trust, and financial planning

International Monetary Fund
This paper reviews Financial Sector Regulation and Supervision for Turks and Caicos Islands (TCI). The TCI has a structure for financial supervision that encompasses banking, insurance, mutual funds, investment brokers, trusts, trustees, companies’ registration, and company service providers. The supervisory framework has undergone major modifications since 2000, but further strengthening of the legal and institutional framework is needed. The Financial Services Commission has been transformed into a statutory body and given additional autonomous powers for supervision. Underlying financial ordinances have been amended to bring them more in line with international standards.