Past IMF Staff Assessments on Offshore Financial Centers (OFCs)

Last Update: October 03, 2019

On May 30, 2008, the Executive Board of the International Monetary Fund (IMF) agreed to integrate the offshore financial center (OFC) assessment program with the Financial Sector Assessment Program (FSAP). Since 2008, the IMF has not used or maintained the list of Offshore Financial Centers. The OFC program, inaugurated in 2000, has helped to strengthen regulation and supervision, and to improve compliance with supervisory standards in offshore jurisdictions. The integration of the program with the FSAP aims to (i) facilitate a more uniform and risk-based approach to financial sector surveillance and improve coordination of Fund analysis across jurisdictions; (ii) provide for a better allocation of Fund resources, with a specific focus on the small number of OFCs that account for the overwhelming volume of offshore activity and could be expected to pose major financial system risks; and (iii) eliminate the need to maintain a potentially discriminatory list of OFC jurisdictions. This webpage lists the OFC assessments prior to the 2008 Board decision to integrate the OFC assessment program with the FSAP. For further information on the OFC assessment program and the 2008 proposal for integration with the FSAP, please see the  detailed report  and supplemtary information.

 

Past Offshore Financial Center Assessments

2008

Bermuda: Assessment of the Supervision and Regulation of the Financial Sector , October 16, 2008 (866 k pdf file)

2007

Samoa: Assessment of Financial Sector Supervision and Regulation including Report on the Observance of Standards and Codes on Banking Supervision, June 29, 2007 (312 k pdf file)

Samoa: Detailed Assessment of Compliance with the Basel Core Principles for Effective Banking Supervision, June 29, 2007 (488 k pdf file)

Gibraltar, Overseas Territory of the United Kingdom: Assessment of Financial Sector Supervision and Regulation including Reports on the Observance of Standards and Codes on the following topics: Banking Supervision, Insurance Supervision, and Anti-Money Laundering and Combating the Financing of Terrorism, May 21, 2007 (428 k pdf file)

Gibraltar, Overseas Territory of the United Kingdom: Detailed Assessment Report of Observance of the Basel Core Principles, May 21, 2007 (340 k pdf file)

Gibraltar, Overseas Territory of the United Kingdom: Detailed Assessment Report of Observance of the Insurance Core Principles, May 21, 2007 (342 k pdf file)

Gibraltar, Overseas Territory of the United Kingdom: Detailed Assessment Report on Anti-Money Laundering and Combating the Financing of Terrorism, May 21, 2007 (1595 k pdf file)

Andorra, Principality of: Assessment of Financial Sector Supervision and Regulation, February 16, 2007 (582 k pdf file)

Panama: Assessment of Financial Sector Supervision and Regulation, including Reports on the Observance of Standards and Codes on the following topics: Banking Supervision, Insurance Supervision, and Securities Regulation, February 15, 2007 (442 k pdf file)

Panama: Detailed Assessments of Observance of Standards and Codes for Banking Supervision, Insurance Supervision, and Securities Regulation, February 15, 2007 (437 k pdf file)

2004

Cook Islands: Assessment of the Supervision and Regulation of the Financial Sector, Volume I--Review of Financial Sector Regulation and Supervision, October 30, 2004 (561 k pdf file)

Cook Islands: Assessment of the Supervision and Regulation of the Financial Sector, Volume II--Detailed Assessment of Observance of Standards and Codes, October 30, 2004 (876 k pdf file)

Seychelles: Assessment of the Supervision and Regulation of the Financial Sector--Review of Financial Sector Regulation and Supervision, October 30, 2004 (300 k pdf file)

Turks and Caicos Islands: Assessment of the Supervision and Regulation of the Financial Sector--Review of Financial Sector Regulation and Supervision, August 31, 2004 (554 k pdf file)

Belize: Assessment of the Supervision and Regulation of the Financial Sector--Review of Financial Sector Regulation and Supervision, August 30, 2004 (412 k pdf file)

Netherlands Antilles, Kingdom of the Netherlands: Assessment of the Supervision and Regulation of the Financial Sector Volume I--Review of Financial Sector Regulation and Supervision, August 26, 2004 (503 k pdf file)

Netherlands Antilles, Kingdom of the Netherlands: Assessment of the Supervision and Regulation of the Financial Sector Volume II-- Detailed Assessment of Observance of Standards and Codes, August 26, 2004 (981 k pdf file)

Malaysia: Labuan, Malaysia: Assessment of the Supervision and Regulation of the Financial Sector-Review of Financial Sector Regulation and Supervision, July 30, 2004 (312 k pdf file)

Samoa: Assessment of the Supervision and Regulation of the Financial Sector-Review of Financial Sector Regulation and Supervision, June 24, 2004 (493 k pdf file)

Palau, Republic of: Assessment of the Supervision and Regulation of the Financial Sector--Volume II: Detailed Assessment of Observance of Standards and Codes, June 23, 2004 (559 k pdf file)

Palau, Republic of: Assessment of the Supervision and Regulation of the Financial Sector--Volume I-Review of Financial Sector Regulation and Supervision, June 23, 2004 (369 k pdf file)

Bahamas, The: Assessment of the Supervision and Regulation of the Financial Sector--Review of Financial Sector Regulation and Supervision, April 30, 2004 (442 k pdf file)

British Virgin Islands, Overseas Territory of the United Kingdom: Assessment of the Supervision and Regulation of the Financial Sector, Volume II: Detailed Assessment of Observance of Standards and Codes, February 28, 2004 (987 k pdf file)

British Virgin Islands, Overseas Territory of the United Kingdom: Assessment of the Supervision and Regulation of the Financial Sector, Volume I--Review of Financial Sector Regulation and Supervision, February 28, 2004 (442 k pdf file)

2003

Guernsey, Crown Dependency of the United Kingdom: Assessment of the Supervision and Regulation of the Financial Sector Volume I--Review of Financial Sector Regulation and Supervision, October 30, 2003 (466 k pdf file)

Guernsey, Crown Dependency of the United Kingdom: Assessment of the Supervision and Regulation of the Financial Sector Volume II--Detailed Assessment of Observance of Standards and Codes, October 30, 2003 (1380 k pdf file)

Isle of Man, Crown Dependency of the United Kingdom: Assessment of the Supervision and Regulation of the Financial Sector Volume I--Review of Financial Sector Regulation and Supervision, October 30, 2003 (456 k pdf file)

Isle of Man, Crown Dependency of the United Kingdom: Assessment of the Supervision and Regulation of the Financial Sector Volume II--Detailed Assessment of Observance of Standards and Codes, October 30, 2003 (1125 k pdf file)

Jersey, Crown Dependency of the United Kingdom: Assessment of the Supervision and Regulation of the Financial Sector Volume I--Review of Financial Sector Regulation and Supervision, October 30, 2003 (500 k pdf file)

Jersey, Crown Dependency of the United Kingdom: Assessment of the Supervision and Regulation of the Financial Sector Volume II--Detailed Assessment of Observance of Standards and Codes, October 30, 2003 (1396 k pdf file)

Anguilla, United Kingdom-British Overseas Territory: Assessment of the Supervision and Regulation of the Financial Sector---Review of Financial Sector Regulation and Supervision, October 30, 2003 (370 k pdf file)

Montserrat, United Kingdom-British Overseas Territory: Assessment of the Supervision and Regulation of the Financial Sector---Review of Financial Sector Regulation and Supervision, October 30, 2003 (335 k pdf file)

Liechtenstein: Assessment of the Supervision and Regulation of the Financial Sector Volume I--Review of Financial Sector Regulation and Supervision, August 01, 2003 (417 k pdf file)

Liechtenstein: Assessment of the Supervision and Regulation of the Financial Sector Volume II--Detailed Assessment of Observance of Standards and Codes, August 01, 2003 (980 k pdf file)

Vanuatu: Assessment of the Supervision and Regulation of the Financial Sector Volume I--Review of Financial Sector Regulation and Supervision, July 30, 2003 (723 k pdf file)

Vanuatu: Assessment of the Supervision and Regulation of the Financial Sector Volume II--Detailed Assessment of Observance of Standard and Codes, July 30, 2003 (625 k pdf file)

Monaco: Assessment of the Supervision and Regulation of the Financial Sector Volume I--Review of Financial Sector Regulation and Supervision, May 30, 2003 (428 k pdf file)

Monaco: Assessment of the Supervision and Regulation of the Financial Sector Volume II--Detailed Assessment of Observance of Standards and Codes, May 30, 2003 (610 k pdf file)

2002

Macao Special Administrative Region of the People's Republic of China: Assessment of the Regulation and Supervision of the Financial Sector, August 31, 2002 (927 k pdf file)

Andorra, Principality of: Assessment of the Supervision and Regulation of the Financial Sector, August 31, 2002 (564 k pdf file)

Aruba, Kingdom of the Netherlands: Offshore Financial Center Assessment, June 30, 2002 (6177 k pdf file)

2001

Gibraltar, Overseas Territory of the United Kingdom: Gibraltar -- Assessment of the Regulation and Supervision of Financial Services, October 31, 2001 (558 k pdf file)

Panama: Banking Sector Assessment, August 2001, August 31, 2001 (852 k pdf file)

Cyprus: Cyprus -- Assessment of the Offshore Financial Sector , July 30, 2001 (1006 k pdf file)

Cyprus: Cyprus -- Assessment of Implementation of the Basel Core Principles for Effective Banking Supervision in Respect of the Offshore Sector, July 30, 2001 (949 k pdf file)

On this site, the term "country" does not in all cases refer to a territorial entity that is a state as understood by international law and practice. As used here, the term also covers some territorial entities that are not states. Dependent territories of member countries are listed alphabetically followed by a description of the constitutional relationships with their member countries.