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.
Read MoreFATF Public Statement – 19 February 2016
The Financial Action Task Force (FATF) is the global standard setting body for anti‐money laundering and combating the financing of terrorism (AML/CFT). In order to protect the international financial system from money laundering and financing of terrorism (ML/FT) risks and to encourage greater compliance with the AML/CFT standards, the FATF identified jurisdictions that have strategic deficiencies and works with them to address those deficiencies that pose a risk to the international financial system.
Read MoreFATF Notice: Improving Global AML/CFT Compliance: on-going process – February 2016
As part of its on-going review of compliance with the AML/CFT standards, the FATF has to date identified the following jurisdictions which have strategic AML/CFT deficiencies for which they have developed an action plan with the FATF. While the situations differ among each jurisdiction, each jurisdiction has provided a written high-level political commitment to address the identified deficiencies. The FATF welcomes these commitments.
Read MoreSKY RE Facultative and Treaty Ltd
It has been brought to our attention that there are documents in circulation purporting SKY RE Facultative and Treaty Ltd providing reinsurance protection to a French entity, KUBE Insurance & Reinsurance SAS.
Read MoreCFATF Public Statement on Suriname
On November 25, 2015 the Caribbean Financial Action Task Force (CFATF) issued a Public Statement on Suriname, a jurisdiction that has strategic AML/CFT deficiencies. CFATF therefore called on t=its members and other jurisdictions to consider the risk arising from the deficiencies associated with Suriname, as described below.
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