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Books and Analytical Papers > IMF Staff Country Reports

You are looking at 1 - 10 of 13 items for :

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  • British Virgin Islands x
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Cover IMF Staff Country Reports
British Virgin Islands: Detailed Assessment Report on Anti-Money Laundering and Combating the Financing of Terrorism
International Monetary Fund. Legal Dept.
This paper summarizes the anti-money laundering/combating the financing of terrorism (AML/CFT) measures in place in the Virgin Islands (VI). The overall understanding of ML and TF risks in the VI is fair and narrow, particularly with respect to the design of VI legal persons and legal arrangements, and their misuse abroad. All banks and some legal practitioners demonstrated a good understanding of their ML risks and AML/CFT obligations. The VI generally provides mutual legal assistance within a reasonable timeframe and its quality is generally good. While competent authorities were able to demonstrate their ability to furnish basic and beneficial ownership information in a timely manner in the context of international cooperation requests they do not proactively seek international cooperation, and the VI has not investigated or prosecuted any cases of misuse of legal persons and arrangements. The law should be amended to provide for the full range of powers to carry out financial and complex investigations as well as effective, proportionate, and dissuasive sanctions for ML, whether such ML relates to drug offences or other crimes.
Keywords:
TF risk; case study drug trafficking case involving ML; ML investigation; due diligence; forfeiture management committee; Terrorist Financing code of practice; financial services commission Act; Anti-money laundering and combating the financing of terrorism (AML/CFT); Drug trafficking; Private investment; International cooperation; Caribbean; South America; Global; Asia and Pacific
Cover IMF Staff Country Reports
St. Lucia: Technical Assistance Report-Remote National Accounts Mission
International Monetary Fund. Statistics Dept.
This paper presents the technical assistance report on remote national accounts mission in St. Lucia. The improved estimates will improve the understanding of the Saint Lucia economy, notably the needs of the Ministry of Finance for more robust and timely national accounts statistics. This development will also help Saint Lucia meet the IMF Special Data Dissemination Standards requirements. Training has been provided on the different components of Gross Domestic Product by expenditure (GDP-E) for current price methods and price and volume measurement. The mission identified some research topics for the national accounts department as part of its development of GDP-E. This includes checking the quality of some indicators and identifying whether some sources are available at a lower level of detail. The mission also quality assured the current methods used for compiling accommodation in the production measure of GDP. In order to support progress toward the objectives, the mission recommended priority recommendations to make headway in improving Saint Lucia’s national accounts.
Keywords:
GDP; Expenditure GDP; Quarterly GDP; Constant Prices; Supply and Use Tables; GDP-E approach; consumption expenditure; GDP-E methodology; staff team of the International Monetary Fund; research issue; Civil society organizations; Consumer price indexes; Imports; Producer price indexes; Caribbean
Cover IMF Staff Country Reports
St. Kitts and Nevis: Technical Assistance Report-Strengthening Core Business Functions Audit Capacity (RTAT)
International Monetary Fund. Western Hemisphere Dept.
This technical assistance report on St. Kitts and Nevis highlights strengthening core business functions audit capacity (RTAT). In response to a request from the St. Kitts and Nevis Inland Revenue Division (IRD), Caribbean Regional Technical Assistance Centre provided capacity development (CD) in strengthening audit capacity under the RTAT training program. The main objective of this CD was to strengthen capacity to audit and verify accuracy of reporting by taxpayers in the Financial Sector. The CD started with the provision of five days of training of IRD auditors where the purpose was to prepare the authorities to implement the necessary actions in adopting good practice in auditing the Financial Sector. The IRD will build on this training and CD when designing future audit program. Given the importance of Financial Sector in St. Kitts and Nevis, further support to ensure compliance in the sector would be beneficial. The IRD will need further assistance to strengthen the audit program of the Financial Sector and support to review of tax returns of the companies in that sector. As a first step the audit team should, develop a program of profile meetings to gather relevant information on the operations of various businesses in the sector.
Keywords:
Strengthening audit capacity; core business functions audit capacity; IRD audit team; team Training Program; IRD auditor; World Bank staff; a number of audit case; Auditing; Financial sector; Training and development in revenue administration; Financial audit; Insurance companies; Caribbean
Cover IMF Staff Country Reports
Republic of Latvia: 2012 Article IV Consultation and Second Post-Program Monitoring Discussions
International Monetary Fund. European Dept.
Latvia has rebounded from the crisis, after successfully undertaking a difficult adjustment program. The recovery has been well balanced between external and domestic demand. The labor market is improving but unemployment is still high. Past consolidation efforts have brought down the fiscal deficit. The banking system is recovering. Nonresident deposits in the banking system have been expanding rapidly. Economic growth is expected to weaken slightly in 2013, before picking up later. Euro adoption in 2014 appears within reach, subject to some technical uncertainties.
Keywords:
ISCR; CR; staff appraisal; statement; obligation; staff representative; Latvian authorities; SBA program; Maastricht deficit criterion; Fiscal stance; Loans; Credit; Global
Cover IMF Staff Country Reports
British Virgin Islands: Financial Sector Assessment Program Update: Financial System Stability Assessment
International Monetary Fund
This paper focuses on financial regulatory policies and stability. The British Virgin Islands (BVI) provides administrative, audit, and legal services to international business companies, which is another key component of the economy. Developments in the financial sector and regulatory framework warrant an update of the assessment conducted under the IMF’s Offshore Financial Center (OFC) program. Financial Services Commission Act (FSCA) provides the Financial Services Commission (FSC) with a wide array of specific regulatory, supervisory, and enforcement powers. The banking system has been insulated from global financial shocks. Many critical elements develop a robust and proportionate crisis management framework.
Keywords:
ISCR; CR; FSC authority; BVI bank; BVI authorities; BVI insurance industry; BVI business company; BVI incorporation; BVI tourism sector; FSC staff; business company; BVI law; Mutual funds; Commercial banks; Financial sector; Insurance; Global; Caribbean
Cover IMF Staff Country Reports
British Virgin Islands: Financial Sector Assessment Program Update: Detailed Assessment of Basel Core Principles for Effective Banking Supervision
International Monetary Fund
The Banks and trust Companies Act, Financial Services Commission Act, and the Regulatory Act are considered for banking supervision. The assessment is also based on a self-assessment prepared by the Financial Services Commission (FSC). British Virgin Islands (BVI) law provides three classes of banking licenses. The preconditions for effective banking supervision are present in the BVI. The FSC has sufficient autonomy, powers, and resources with clear responsibilities and objectives. The FSC does not impose specific limits on investments but reviews bank-imposed limits. The FSC has a well-developed system of ongoing supervision in place.
Keywords:
ISCR; CR; bank; FSC staff; FSC reviews compliance; BVI bank; capital base; FSC onsite inspection; parent bank; shell bank; license bank; subsidiary bank; FSC's policy; reviews bank-imposed limit; overseas bank; Bank supervision; Market risk; Basel Core Principles; Bank licensing; Caribbean; East Asia; Global
Cover IMF Staff Country Reports
British Virgin Islands: Financial Sector Assessment Program Update Documentation: Technical Note on Mutual Fund Regulation
International Monetary Fund
In a previous assessment, it was concluded that the British Virgin Islands (BVI) regulatory system governing securities markets functioned well overall, but required improvement in certain areas. Those areas are implemented with regulatory code, Securities and Investment Business Act (SIBA), related regulations, and the public funds code. The standards and eligibility of those who wish to manage or administer a mutual fund are determined by the Financial Services Commission (FSC) under the authority granted by statute. A mutual fund can be organized as a corporation, unit trust, or partnership.
Keywords:
ISCR; CR; FSC; public funds; fund; mutual fund; FSC compliance review program; public funds code; FSC authority; FSC website; audited fund report; FSC's intention; SIBA regime; Mutual funds; Asset valuation; Financial statements
Cover IMF Staff Country Reports
British Virgin Islands: Financial Sector Assessment Program Update Documentation: Technical Note on Corporate and Trust Services Providers
International Monetary Fund
This study reviews the structure of the Trust and Corporate Service Providers (TCSP) sector in the British Virgin Islands (BVI), focusing on their role in the offshore financial sector, and seeks to assess the legislative framework in place as well as effectiveness of implementation and enforcement of this framework. Structure of the TCSP industry and the key features of legislative framework are also discussed. The global financial crisis has also resulted in a significant decline in asset values. The Financial Services Commission Act (FSCA) provides a strong framework for the supervision of other financial services in the jurisdiction.
Keywords:
ISCR; CR; management business; BVI business company; company incorporation; companies legislation; business companies in the main; company registration; BVI government; Anti-money laundering and combating the financing of terrorism (AML/CFT); Legal support in revenue administration; Global
Cover IMF Staff Country Reports
Angola: Selected Issues and Statistical Appendix
International Monetary Fund
This Selected Issues paper on Angola reports that oil production in Angola accounts for about half of GDP and about 75 percent of government revenue. The projections for the government’s fiscal position in the medium term will be crucially dependent on both the value of oil production and the proportion that will accrue to the government. However, in addition to the usual uncertainties associated with projections of the total value of oil output, the government’s share has been subject to volatility.
Keywords:
ISCR; CR; Angola; inflation; debt; joint-venture company Ascorp; money growth; profit oil; oil receipts; parastatal diamond company; cost oil; Oil prices; Oil; gas and mining taxes; Production sharing; Africa