IMF study shows Basel weaknesses in offshore centres
Many offshore centres have weaknesses in the on- and off-site supervision of their banking systems, as well as "less material weaknesses" in their credit supervision and market risk, according to a study by the International Monetary Fund (IMF).
The study, which is part of the IMF’s Offshore Financial Centre Program, covered 27 jurisdictions out of 44 contacted. Overall compliance with the Basel Core Principles (BCP) was “generally appropriate to the nature of the business conducted”, said the report. Just over 60% of the assessed jurisdictions comply with at least 21 of the 30 BCP. However, the study says there are, generally speaking, two groups of jurisdictions, “those with high overall compliance with the BCP and those with a poor
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