International Co-operation - Coggle Diagram
The JFSC does not require a Memorandum of Understanding to be in place with an overseas regulatory authority before it will co–operate with or share information with that authority.
Commission engages in discussions of international standards through it's membership/association with:
The International Organisation of Securities Commissions
The International Association of Insurance Supervisors (IAIS) and the Offshore Group of Insurance Supervisors
The Group of International Finance Centre Supervisors
The Basel Committee on Banking Supervision
The Financial Action Task Force
The Organisation for Economic Co-operation and Development
The United Nations Global Programme Against Money Laundering
OECD examines the problems associated with tax havens and harmful tax practices.
Its main objective is to:
· Set Global Tax Standards
· Require all white listed financial centres to sign their commitment to Co-operation with Internal External Agencies to deter money laundering, fraud and tax evasion.
- a financial centre that accepts and encourages international investors and provides a variety of services that will provide income and/or capital gains, which disadvantages other financial centres.
OECD can blacklist financial centres which reported "harmful tax competition"
To avoid being black listed, OFC must implement global tax standards
Recommendations to Financial
centres from FATF
Identify customers - Face to face meets & KYC
Systems to detect suspicious activity
Implement AML programmes incl legislation to criminalise financial crime
Procedures for reporting suspicions
Mutual co-operation across Governments for exchange of info on suspicious activity investigations
established in 1989 by G7 and specialises in fight against money laundering