CONDITIONS

The conditions of membership are:-

  •  a clear commitment to the implementation of all relevant international standards including the Basel Committee on Banking Supervision's Core Principles, the Financial Action Task Force's 40 Recommendations on Combating Money Laundering and the Financing of Terrorism & Proliferation, and the IOSCO Core Principles;
  • evidence that the necessary legislation and administrative structure to put these commitments into effect is in place or in early prospect;
  •  evidence of either a satisfactory track record of translating the commitments into effect or a detailed plan for doing so within a reasonable time frame;
  •  evidence that the commitments are entered into with the knowledge and support of the relevant political authority.

Application for Membership

Applications by jurisdictions for Membership require:-

  •  A written submission confirming the jurisdiction's commitment to meet the conditions of Membership, including copies of relevant legislation; and
  •  A report on a mutual evaluation/assessment of compliance with the international standards for financial regulation, anti-money laundering and combating terrorist financing which evaluation/assessment has been carried out by an independent third party (e.g. IMF, FATF style regional body).

Application for Observer Status

Application can be made for Observer status in advance of full membership. Observer status is offered for a transitional period of up to two years for those jurisdictions that have entered into the commitments referred to in paragraph 4 above, but where there is not yet an independent mutual evaluation/assessment providing evidence either of a satisfactory track record of translating the commitments into effect or a detailed action plan for doing so within a reasonable time frame.

If at the end of the transition period the conditions for full membership are still not met the Group will decide either to extend the transition period or withdraw the observer status.

 

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