St. Vincent and the Grenadines: Report on Observance of Standards and Codes — Basel Core Principles for Effective Banking Supervision—Offshore Banking
September 24, 2004
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This paper contains a summary assessment of adherence to the Basel Core Principles for Effective Banking Supervision with respect to the offshore sector of St. Vincent and the Grenadines. The St. Vincent and the Grenadines Offshore Finance Authority Act, 1996, and the International Banks Act, 1996, set out the framework for offshore bank supervision in the jurisdiction. The Offshore Finance Authority (OFA) has reportedly enjoyed substantial operational independence. However, it is recommended to enhance OFA’s role and legal independence on matters such as the power to set prudential rules administratively.
Subject: Bank supervision, Banking, Basel Core Principles, Capital adequacy requirements, External audit, Financial regulation and supervision, Financial services, Offshore financial centers, Public financial management (PFM)
Keywords: a number of suspect bank, bank, bank auditor, bank basis, bank management contact, bank policy, Bank supervision, Basel Core Principles, Capital adequacy requirements, Caribbean, CR, examination procedure, External audit, IBA amendment, ISCR, OFA, OFA examiner, Offshore financial centers, rule
Pages:
12
Volume:
2004
DOI:
Issue:
305
Series:
Country Report No. 2004/305
Stock No:
1VCTEA0012004
ISBN:
9781451839944
ISSN:
1934-7685
