British Virgin Islands-Overseas Territory of the United Kingdom; Assessment of the Supervision and Regulation of the Financial Sector Volume Iâ€”Review of Financial Sector Regulation and Supervision

The British Virgin Islands (BVI) has most of the essential elements for a suitable framework for financial supervision. There is a weakness with respect to onsite supervision of banking, insurance, and securities sectors; and there is currently no regular and comprehensive examination and compliance program in operation. Although the legal and supervisory frameworks are adequately structured, the implementation of the full range of supervisory measures has not yet been fully achieved. However, the government is implementing a comprehensive examination methodology and plan.

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Year of publication:	2004-04-05
Institutions:	International Monetary Fund (IMF) ; International Monetary Fund
Subject:	Financial Sector Assessment Program \| standards \| regulation \| regulations \| money laundering \| international cooperation \| suspicious transaction \| money remitters \| legal assistance \| securities regulation \| international standards \| internal controls \| suspicious transaction reporting \| law enforcement \| banking supervision \| due diligence \| transaction reporting \| market participants \| prudential supervision \| internal audit \| compliance program \| insurance supervisors \| foreign regulatory \| risk management \| standards and codes \| suspicious transactions \| supervisory authority \| foreign regulators \| share information \| insurance business \| internal control procedures \| accounting standards \| criminal justice \| iosco principles \| enforcement powers \| audit function \| prudential regulation \| financial intermediaries \| securities activities \| financial sector regulation \| due diligence requirements \| bank supervision \| supervisory arrangements \| regulatory authority \| market integrity \| suspicious transaction report \| transaction reports \| suspicious transaction reports \| beneficial ownership \| financial investigations \| financial sector supervision \| reputational risk \| investigative powers \| reporting requirements \| insurance law \| risk management systems \| foreign counterparts \| supervisory framework \| information exchange \| internal procedures \| criminal matters \| integrity standards \| foreign branches \| securities sectors \| international accounting standards \| supervisory agency \| audited books \| criminal justice measures \| dual criminality \| market intermediary \| financial crime \| law enforcement cooperation \| know your customer \| international law \| financial investigation \| beneficial owners \| financial intelligence units \| terrorist activities \| compliance officer \| law enforcement agencies \| financial supervision \| criminal elements \| terrorism standards \| internal control systems \| legal assistance treaties \| supervisory frameworks \| internal policies \| regulatory requirements \| financial regulation \| combating money laundering \| trust service providers \| settlement systems \| professional secrecy \| regulatory authorities \| market intermediaries \| market manipulation \| combating money \| internationally accepted standards \| financial crimes \| money laundering offence \| foreign authorities \| assessing compliance \| customer identification \| intelligence units \| criminal law enforcement \| bank licensing \| due diligence measures \| legal assistance requests \| foreign banks \| criminal law \| banking supervisors \| licensing requirements

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Extent:	application/pdf
Series:	IMF Staff Country Reports.
Type of publication:	Book / Working Paper
Notes:	The text is part of a series IMF Staff Country Reports Number 04/92 5 pages long
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005825178