Montserrat — Overseas Territory of the United Kingdom: Assessment of the Supervision and Regulation of the Financial Sector—-Review of Financial Sector Regulation and Supervision

International Monetary Fund

No 2003/371, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper assesses the observance of financial sector supervisory standards of Montserrat in the context of a Module 2 offshore financial center assessment. It reviews the extent to which the regulatory and supervisory arrangements for the offshore financial sector complied with internationally accepted standards in the offshore banking sector. The assessment also includes an evaluation of measures related to antimoney laundering and combating the financing of terrorism (AML/CFT) based on the AML/CFT methodology, which was endorsed by the Financial Action Task Force (FATF).

Keywords: ISCR; CR; offshore bank; due diligence; banking sector; law enforcement authority; customer identification; FSC plan; licensing procedure; bank management contact; anti-money laundering regime; CFT supervision; banks in Montserrat; Offshore financial centers; Anti-money laundering and combating the financing of terrorism (AML/CFT); Money laundering; Terrorism financing; Caribbean; South America; Central America (search for similar items in EconPapers)
Pages: 30
Date: 2003-11-26
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