The Offshore Group of Banking Supervisors concluded its 25 annual meeting in the Cayman Islands this past week, discussing financial regulation, anti-money laundering and combating the financing of terrorism.
“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 focused 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 and international recognition of OGBS members’ compliance with international standards for financial regulation and AML/CFT.
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.