Offshore Financial Centers (OFCs):
IMF Staff Assessments

Public Information Notice: IMF Executive Board Reviews the Assessment Program on Offshore Financial Centers, November 24, 2003

Offshore Financial Centers: The Assessment Program—A Progress Report and the Future of the Program: Supplementary Information
November 3, 2003

Offshore Financial Centers:
The Role of the IMF
June 23, 2000

See Also:
Offshore Banking and Financial Centers





Offshore Financial Centers
The Assessment Program
A Progress Report and the Future of the Program

Prepared by the Monetary and Financial Systems Department
(In consultation with other Departments)

Approved by Ulrich Baumgartner

July 31, 2003

Use the free Adobe Acrobat Reader to view the full text (PDF 178KB).

Contents

List of Acronyms and Abbreviations

Executive Summary

  1. Introduction

  2. Background on OFC Program
    1. Risks Posed by OFCs
    2. Response to the Risks

  3. The OFC Assessment Program
    1. Design of the Program
    2. Results of the Program
    3. Assessment Findings

  4. Going Forward
    1. Monitoring OFCs
    2. Promoting Transparency in OFC Activities
    3. Strengthening Technical Assistance
    4. Collaboration with Standard Setters and the Role of Onshore and Offshore Supervisors

  5. Resource Implications
  6. Issues for Discussion

Appendices
I. Significance of OFCs in the International Financial System
II. Design and Scope of Assessments
III. Jurisdictions Assessed
IV. Details of the Assessment Results
V. Examples of Actions taken by Jurisdictions in Response to the OFC Program

Appendix Tables
1. International and Offshore Financial Center Module 2 Assessments
2. International and Offshore Financial Center FSAPs

Statistical Tables
3. Frequency of Overall Compliance with the Basel Core Principles
4. Profile of Overall Compliance with Basel Core Principles
5. Basel Core Principles for Effective Banking Supervision: Areas of Weakness in International and Offshore Centers
6. Profile of Overall Observance of IAIS Core Principles
7. IAIS Core Principles for Insurance Supervision: Areas of Weakness in International and Offshore Centers
8. Profile of Overall Implementation of IOSCO Objectives and Principles
9. IOSCO Objectives and Principles: Areas of Weakness in International and Offshore
10. Profile of Overall Compliance with FATF Recommendations in International and Offshore Financial Centers
11. FATF Recommendations: Areas of Weakness in International and Offshore Centers
12. OFC Program: Indicative Resource Costs