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Offshore Group of Banking Supervisors welcomes Revised FATF Recommendations

The Offshore Group of Banking Supervisors held its 2003 Plenary meeting in Mauritius on July 21st-23rd. In addition to the members, the meeting was attended by delegates representing the Financial Action Task Force, the International Monetary Fund and the Basel Committee on Banking Supervision.

The meeting focussed on a number of international issues including the Revised FATF Forty Recommendations on Money Laundering, the FATF Eight Special Recommendations on Combating the Financing of Terrorism, and the Basel Committee's paper on Customer Due Diligence for Banks. The meeting also discussed members' experience of the IMF OFC/FSAP assessment programme, and the international response to the Offshore Group's Statement of Best Practice on Trust and Company Service Providers.

The meeting welcomed the FATF Revised Forty Recommendations while noting the differences between the Recommendations and the Basel Committee paper on Customer Due Diligence for Banks arising from the different scope of the two standards. The meeting concurred with the view that has been expressed by the Basel Committee that there is nothing within the Revised Forty Recommendations that calls for a change in the Basel Committee's Paper which will remain the appropriate guidance on the essential elements of know your customer standards for the prudential regulation of banks, and for the management by banks of the reputational, operational, legal and concentration risks that can arise from a failure to conduct adequate customer due diligence.


The Offshore Group of Banking Supervisors was formed in 1980 when representatives from a number of offshore centres met with members of the Basel Committee on Banking Supervision. The main objects of the group are

  1. to allow members to identify and discuss issues of mutual interest, establish an identity of purpose and share knowledge and experiences;
  2. to participate with relevant international organisations in setting and promoting the implementation of international standards for across-border banking supervision, and for combating money laundering/terrorist financing;
  3. to encourage members to apply high standards of supervision based on internationally accepted principles.

The Offshore Group works closely with the Basel Committee on Banking Supervision on the supervision of cross-border banking, and with the Financial Action Task Force on money laundering. Membership of the Offshore Group calls for a clear commitment to the Basel Committee's Core Principles, the FATF's Forty Recommendations on Money Laundering and the FATF's Eight Special Recommendations on Terrorist Financing.

The members of the Group are Aruba, Bahamas, Bahrain, Barbados, Bermuda, Cayman Islands, Cyprus, Gibraltar, Guernsey, Hong Kong China, Isle of Man, Jersey, Labuan, Macau China, Mauritius, Netherlands Antilles, Panama, Singapore and Vanuatu.

For further information contact the Chairman,
Colin Powell OBE,
44 1534 822 084
Fax: 44 1534 822001.