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Group of International Finance Centre Supervisors Offer Membership To TCI

by Mike Godfrey, Lowtax.net, Washington
25 November, 2015

The Turks and Caicos Islands (TCI) has been unanimously welcomed as a full member of the Group of International Finance Centre Supervisors (GIFCS), following a rigorous review by the Group's existing members.

GIFCS is a long-established group of financial services supervisors with a core interest in promoting the adoption of international regulatory standards especially in the banking, fiduciary, and AML/CFT arena.

Marlon Joseph, the Head of the TCI Financial Services Commission's Bank and Trust Department, said: "This acceptance is a considerable accomplishment for the Turks and Caicos. The mounting demand for tighter surveillance of offshore centres certainly highlights the need for the FSC to continue to strive to attain global international standards in regulation and supervision. The Commission is pleased that its work has resulted in a successful outcome for the jurisdiction."

The Commission's Managing Director, Kevin Higgins, added: "In the last few years, the TCI has made a great leap forward in improving its regulatory and supervisory infrastructure. This acceptance as a full member of the GIFCS is predominantly due to the FSC continuous work towards consolidating the position of the TCI as a jurisdiction of substance and sound repute amidst perpetual and stringent changes in international regulations and standards."

With their membership, TCI joins the other existing members: Antigua and Barbuda; Aruba; the Bahamas; Barbados; Bermuda; the British Virgin Islands; the Cayman Islands; the Cook Islands; Curacao, Sint Maarten; Gibraltar; Guernsey; the Isle of Man; Jersey; Labuan; Macao; Mauritius; Panama; Samoa; and Vanuatu.

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