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Anguilla Financial Services Commission

Anguilla Financial Services Commission. Charting The Course Ahead in 2010 By Eleanor M Astaphan, Deputy Director. Overview. Review of past year (financial, operational, legal) Regional Developments External Developments Preview of 2010. Year in Review. Financial Performance

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Anguilla Financial Services Commission

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  1. Anguilla Financial Services Commission Charting The Course Ahead in 2010 By Eleanor M Astaphan, Deputy Director

  2. Overview • Review of past year (financial, operational, legal) • Regional Developments • External Developments • Preview of 2010

  3. Year in Review • Financial Performance • Note change in financial year end for 2008

  4. Year in Review • Operating Performance A) Supervisory & Regulatory function • Licensing : process granting authorization to enter the market • New Fit &Proper Guideline on website : criteria: character and integrity, competence and experience, financial soundness • New regulatory approval fees- services previously gratis

  5. Year in Review Growth in Licensees

  6. Year in Review

  7. Year in Review • Operating Performance B) Surveillance/Offsite Monitoring • Continuous process • Purpose – compliance, EWS, understand and explain significant matters • Type of activity: financial statements, prudential meetings, data collection • In 2009 introduction of reporting forms ( new and revised)

  8. Year in Review • Tested standard reporting forms to assist in data collection for domestic Insurance, MFunds, MSBs, TCSPs, Cus • In 2009 conducted several prudential meetings with various licensees • Success of the Commission in off-site surveillance is heavily dependent on timely and accurate reporting of the industry

  9. Year in Review • Operating Performance B(ii) Surveillance/On-site examination • Selective process- leading from off-site or part of cycle of periodic examinations • Purpose – high degree of familiarization with operations and performance to ensure satisfactory performance • Examiners are sworn to confidentiality • Caution note: Role of Commission limited to evaluation of adherence to reasonable prudential limits of risk in relation to products and services offered

  10. Year in Review • In 2008/09 32 on-sites were conducted

  11. Year in Review • Operating performance C) Legislation( passed in 2009) • Proceeds of Crime Act and the AML/CFT Regulations and Code • Money Services Business Act • Payment System Act • Amendments to the Financial Services Act

  12. Year in Review • Commission issued Guidelines: • Issues Guide on AML/CFT Procedures Manuals

  13. Year in Review • Operating Performance D) External Relationships • Interface with other regulatory bodies/authorities worldwide • Commission maintains policy of disclosure and transparency- annual reports, engagement and consultation of private sector, annual meetings • Use of website for information dissemination

  14. Regional Developments • Signed MOU with regional regulators • AFSC participation in ROC co-ordinated by ECCB (Fallout CL Financial/BAICO/CLICO) • Continued interface with regional bodies- CARTAC, ECCB, CAIR • Continued participation in regional training and regulatory fora- • In 2009 Anguilla hosted regional meeting of Heads of SRUs

  15. External Developments • Fallout of financial crisis in the US – slowed recovery and resulting pressures on tourism industry, financial services • G20 declarations on offshore financial centres in relation to their efforts to stem leakages of tax revenues to tax havens • Two external assessments of Anguilla – Foot Review and the CFATF ME Report

  16. Preview 2010/CFATF ME • Peek at Preliminary ratings assigned:- • 40 FATF Recommendations:10 Compliant, 14 Largely Compliant, 14 Partially Compliant and 2 Non Compliant • 9 Special Recommendation: 5 Largely Compliant, 3Partially Compliant and 1 Non Compliant • One primary reasons for not achieving full compliance in some areas was newness of legislation • Some ratings likely to change based on negotiations/finding of Plenary May 2010

  17. Preview 2010/Work Programme • Work programme will involve response to CFATF Plenary • Guided by recurring themes in both external assessments:- • Regulatory resources • Restructuring to accommodate expanded scope of the Commission (possible implementation of Compliance/Enforcement Unit) • Greater regulatory co-operation with UK, other OTCs

  18. Preview 2010/Work Programme • Increased regulatory coverage to include other financial service providers- DNFBPs; MSBs

  19. Preview 2010/Work Programme • New legislation and Guidelines • International Insurance Bill • Domestic Insurance Bill (ECCU) • Co-operative Societies Bill (ECCU) • Amendments to MF Act • Guidelines for Company Managers • Guidance Note on Maintaining Statutory Reserves &Deposits for licensed insurers

  20. Questions/Feedback Thank You!

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