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Group of International Finance Centre Supervisors
The GIFCS assessors visited the JFSC from 30 October to 3 November 2017 to conduct their review. They published their report in April 2019.
Jersey was the first international finance centre to be assessed under the GIFCS Standard for Regulation of Trust and Company Service Providers. The JFSC was awarded the top two ratings for the ten areas that were assessed. The ten areas covered in the evaluation were licensing, corporate governance, controllers of TCSPs, Key Persons and other employees, control over vehicles, conduct, prudential, administration, financial crime and international sanction, and cooperation.
The GIFCS is a long-established group of financial services supervisors with a core interest of promoting the adoption of international regulatory standards especially in the banking, fiduciary and AML/CFT arena. The GIFCS was established in 1980. Today its membership accounts for a market share of approaching 10% of global international banking assets.
The Group, which meets formally twice a year, has become a very positive contributor to promoting compliance among its membership with the Basel Core Principles and the FATF Recommendations on AML/CFT. It also contributes to some of the work of IOSCO. The GIFCS has become recognised as a leading authority on the regulation of trust and company service providers, the interface of these intermediaries with AML/CFT standards, and on the principle of identifying beneficial owners behind trust and company structures. It has issued an international Standard for regulation of this sector, which is being implemented by members and against which their compliance is being formally evaluated.
The GIFCS’s Standard for Regulation of Trust and Company Service Providers has developed into a full regime embracing a multi-lateral Memorandum of Understanding, peer group assessments of members’ compliance against the Standard and supervisors’ meetings.