Standards? Make mine a double! – Gibraltar IMF Assessment

04/09/2008 Marcus Killick OBE

In early 2006, Gibraltar underwent its second review by the International Monetary Fund (IMF) as part of its assessment of Offshore Financial Centres (OFCs). The IMF report, published in May 2007, found Gibraltar’s banking and insurance supervision to be highly compliant with international standards. The article argues that the distinction between “onshore” and “offshore” centres is becoming meaningless, with many OFCs demonstrating quality regulation. The author suggests that the IMF should refocus its assessments based on material size and regulatory compliance rather than subjective offshore labels. The Financial Action Task Force (FATF) initiative against Non-Cooperative Countries and Territories (NCCTs) is also discussed, highlighting double standards in assessments.

Read the article: Standards – Make mine a double

(Article first published in the IFC Review, 2008.)

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