February 2016 Newsletter – New Standard of Supervision
The Group of International Finance Centre Supervisors (“GIFCS”) first issued a Best Practice Statement on the supervision of Trust and Corporate Service Providers (“TCSPs”) in 2002. Since then GIFCS member countries have used this Statement as a benchmark for establishing regulatory frameworks and supervisory practices for the robust oversight of the sector. A key objective of this initiative has been to ensure that TCSPs are adequately regulated and supervised and that information on the ultimate beneficial owners behind trust and company vehicles administered from GIFCS centres, as well as on the sources and nature of underlying funds can at all times be accessed by competent authorities.
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