The Offshore Group has set the following conditions of membership: -
- A clear commitment is made to the application of the principles of effective banking supervision as embodied in the Basel Committee's Concordat of 1983, the supplement to the Concordat, the Basel Committee's minimum standards for the supervision of international banking groups and their cross-border establishments, the Basel Committee's report on cross-border banking supervision and the Basel Committee's Core Principles.
- A clear commitment is made to the forty recommendations of the Financial Action Task Force on money laundering, and the nine Special Recommendations of the Task Force on terrorist financing.
- The necessary legislation and administration is in place to put these commitments into effect.
- There is evidence of a satisfactory track record of translating the commitments into effect.
- The commitments are entered into with the knowledge and support of the relevant political authority.
Applications for membership require: -
- Written evidence of the jurisdiction's ability to meet the conditions of membership, including copies of the relevant legislation; and
- A report on an on-site examination of the financial regulation, anti-money laundering and combating terrorist financing practices in place, and the resources available to put those practices into effect, which examination is to be carried out by an independent assessor using a standard checklist.
Application can be made for observer status in advance of full membership. Observer status is offered for a transitional period of up to two years for those jurisdictions that have entered into the commitments referred to in paragraph 5 above, and have the necessary legislation in place, but where there is as yet insufficient evidence of a satisfactory track record of translating the commitments into effect to qualify for full membership. If at the end of the transition period the conditions for full membership are still not met the Group will decide either to extend the transition period or withdraw the observer status.
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