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.
2025-04-22Group of International Finance Centre Supervisors
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.