The Group of International Finance Centre Supervisors (GIFCS) reported on a joint seminar with the Financial Stability Institute in Basel on implementing lessons learned from the March 2023 banking turmoil, followed by a GIFCS Plenary meeting that admitted the Anguilla Financial Services Commission as a new member and agreed a set of supervisory and AML/CFT-focused initiatives. The FSI-GIFCS seminar covered the supervisory impact of recent geopolitical events, business model analysis, challenges in supervisory qualitative measures, liquidity risk management and resolution arrangements. At the Plenary, members agreed a revised GIFCS commitment on asset recovery, set up a workstream to develop additional suspicious transaction reporting guidance for trust and company service providers (TCSPs), and progressed a revision of the GIFCS Standard on the Regulation of TCSPs. The agenda also included a Financial Action Task Force review of observers, an evaluation of a member jurisdiction’s compliance with the TCSP Standard, the programme for TCSP college meetings in 2025 and the establishment of a legal contact group. The next GIFCS Plenary meeting is scheduled for 5–6 November 2025 in the Cayman Islands.
Group of International Finance Centre Supervisors 2025-04-22
Group of International Finance Centre Supervisors admits Anguilla Financial Services Commission and launches work to update TCSP standards and guidance
The Group of International Finance Centre Supervisors (GIFCS) held a seminar with the Financial Stability Institute on lessons from the March 2023 banking turmoil and admitted the Anguilla Financial Services Commission as a new member during their Plenary meeting. Key initiatives include a revised commitment on asset recovery, new guidance for suspicious transaction reporting for trust and company service providers, and a revision of the GIFCS Standard on regulation.