Republic of Palau; Assessment of the Supervision and Regulation of the Financial Sectorâ€”Volume II: Detailed Assessment of Observance of Standards and Codes

This paper reviews key findings of the Detailed Assessment of Observance of Standards and Codes in the Financial Sector of Palau. The assessment reveals that there is a relatively low level of compliance with the Basel Core Principles for Effective Banking Supervision. Palau is compliant with one of the Core Principles, largely compliant with six and materially noncompliant with seven Core Principles. The status of legal protection for supervisors has been assessed as compliant, but is subject to an amendment to be passed by the Congress shortly.

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Year of publication:	2004-06-23
Institutions:	International Monetary Fund (IMF) ; International Monetary Fund
Subject:	Bank supervision \| Fund role \| Offshore financial centers \| Reports on the Observance of Standards and Codes \| money laundering \| terrorism \| financial intermediaries \| suspicious transactions \| financing of terrorism \| banking supervision \| criminal matters \| banking supervisors \| suspicious transaction \| customer identification \| foreign banks \| criminal activity \| law enforcement \| law enforcement agencies \| record keeping requirements \| risk management \| supervisory authority \| internal audit \| terrorism financing \| supervisory authorities \| financial intermediary \| due diligence \| terrorist \| illegal origin \| confiscation of property \| financial intelligence unit \| transaction reporting \| terrorist organizations \| terrorist financing \| suspicious transaction report \| suspicious transaction reporting \| terrorism finance \| accounting standards \| good faith \| supervisory arrangements \| internal controls \| foreign operations \| anti-terrorism \| beneficial owners \| enforcement powers \| criminal organizations \| suspicious transaction reports \| criminal activities \| money laundering measures \| anonymous accounts \| internal policies \| transaction reports \| money remitters \| money market instruments \| factual circumstances \| suspicious transactions reporting \| financial transactions \| reporting requirements \| audit function \| terrorism legislation \| licensing process \| exchange information \| competent authorities \| anti-terrorism legislation \| adequate safeguards \| due diligence requirements \| information exchange \| transferable securities \| professional secrecy \| criminal liability \| secrecy provisions \| technical assistance program \| criminal investigation \| terrorists \| money laundering investigations \| financial intelligence units \| criminal elements \| criminal behavior \| international cooperation \| terrorist financing investigations \| foreign branches \| illegal activities \| terrorist assets \| money laundering activities \| transaction reporting requirements \| unusual transactions \| laundering trends \| prudential supervision \| lawful purpose \| supervisory regime \| banking secrecy \| suspicious activity \| intelligence units \| payment chain \| legal assistance \| money laundering laws \| criminal offence \| prudential regulation \| money laundering requirements \| licensing authority \| customer identification requirements \| suspicious activities \| suspicious activity reports \| homeland security \| secrecy laws \| internal control procedures \| alternative remittance \| monetary instruments \| suspicious patterns \| customer accounts \| criminal proceeds \| supervisory agencies \| funds transfers \| adequate sanctions \| share information \| combating money laundering \| criminal offense \| currency transactions \| predicate crimes \| judicial authorities \| combating money \| enforcement authorities \| precious metals \| foreign authorities \| confidentiality requirements \| regulatory measures \| confiscated property \| laundering activities \| suspected money laundering activities \| law enforcement authorities \| legal entity \| foreign nationals \| supervisory agency \| criminal sanctions \| material participation \| financial soundness \| due diligence procedures \| laundering standards \| supervisory principles \| business relations \| undercover operations \| cash transactions \| suspected money laundering \| organized crime \| laundering ? ? ? ? ? money \| money launderers \| shell corporations \| drug trafficking \| integrity standards \| tax authorities \| internal audit procedures \| financial sector regulation \| extraditable offence \| fighting money laundering \| false information \| alternative remittance systems \| penal code \| evidence gathering \| money laundering offence \| adequate compliance \| assessed risk \| money laundering cases \| licensing requirements \| international conventions \| supervisory authorities information \| money laundering standards

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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 04/170 5 pages long
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005768544