Republic of Palau: Assessment of the Supervision and Regulation of the Financial Sector—Volume II: Detailed Assessment of Observance of Standards and Codes

International Monetary Fund

No 2004/170, IMF Staff Country Reports from International Monetary Fund

Abstract: 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.

Keywords: ISCR; CR; AML law; board of directors; The FIU; due diligence; internal audit; FIC power; capital base; licensing authority banking activity; court order; FIC staff; FIU transaction; financial condition; business plan; FIU member; country risk; Anti-money laundering and combating the financing of terrorism (AML/CFT); Money laundering; Legal support in revenue administration; Nonbank financial institutions; Capital adequacy requirements; Asia and Pacific; Pacific Islands; Global (search for similar items in EconPapers)
Pages: 53
Date: 2004-06-23
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