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:
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.
5th July 2005