Press Statement

OFFSHORE GROUP OF BANKING SUPERVISORS

Offshore Group of Banking Supervisors Conclude 25th Annual Meeting in the Cayman Islands

George Town, Grand Cayman – 5 July 2005 – The Offshore Group of Banking Supervisors (OGBS) concluded its 25th annual meeting in the Cayman Islands on 1 July, 2005. The meeting – attended by representatives from 16 of the 19 OGBS member jurisdictions1 – also included representatives of five observer jurisdictions2 and delegates from several international organisations3 concerned with financial regulation and anti-money laundering/combating the financing of terrorism (AML/CFT).

“We impressed upon international representatives that OGBS will continue to participate in and be supportive of the work of global standard setters, to contribute fully to international cooperation that is essential for the successful pursuit of those engaged in financial crime and to be committed to and compliant with international standards of financial regulation and AML/CFT,” said OGBS Chairman Colin Powell. “For our part we are delighted that our high standards of compliance are increasingly being recognised internationally.”

The meeting focussed on a number of international initiatives to which OGBS is a party and the discussion covered a wide range of issues including:

International cooperation, particularly in the pursuit of those engaged in financial crime;
International recognition of OGBS members’ compliance with international standards for financial regulation and AML/CFT;
The need for a level playing field in the application of international standards, and
The need to focus on distinguishing between compliant/non-compliant or cooperative/non-cooperative jurisdictions and not between offshore/onshore.

The meeting also reviewed regulatory developments in member jurisdictions. Particular reference was made to the regulation of trust and company service providers where OGBS members are leaders in both the setting and the effective implementation of standards for others to follow.

Immediately prior to the meeting, on the 29 June, OGBS members participated in a seminar organised by the Basel based Financial Stability Institute. The seminar focussed on the Basel II Capital Adequacy proposals, and the risk based approach to financial regulation and AML/CFT.

References

The nineteen members of OGBS are Aruba, Bahamas, Bahrain, Barbados, Bermuda, Cayman Islands, Cyprus, Gibraltar, Guernsey, Hong Kong China, Isle of Man, Jersey, Labuan, Macao China, Mauritius, Netherlands Antilles, Panama, Singapore and Vanuatu.
The five observer jurisdictions who attended the meeting were Antigua & Barbuda, Belize, British Virgin Islands, Cook Islands and Samoa.
The international organisations represented at the meeting were The Financial Action Task Force on Money Laundering, The International Organisation of Securities Commissions, The International Monetary Fund, The Basel Committee on Banking Supervision and The Financial Stability Institute.

5th July 2005