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FSC Annual Report (ID) Final

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FSC Annual Report (ID) Final Financial Services Commission Gibraltar Annual Report 2003 Our Mission Statement “To provide effective regulation and supervision of Gibraltar’s financial services sector in line with international standards, thereby protecting, so far as possible, the interests of customers and potential customers of financial products and services, as well as the public at large, and so supporting the preservation and further enhancement of Gibraltar as a quality finance centre.” Gibraltar & International The full text of this report is available on the course of the discharge by the the Commission’s web site. Commission of its duties under (b) Standards above, and to the need for timely and It should also be noted that, in 1995, Introduction effective implementation in Gibraltar law Gibraltar became the first offshore of Community obligations. Following the very positive Module 2 centre to introduce all-crimes anti- assessments by the International Monetary money-laundering legislation (including Fund (IMF) on banking, insurance, terrorism related offences). investment services and trust and company management, which were reported in the annual report last year, a further The Commission independent report on Gibraltar was issued, this time on our adherence to the Financial Background Action Task Force recommendations. The Financial Services Commission (the Commission) was established under the FATF Financial Services Commission Ordinance The Financial Action Task Force on 1989. It is a body corporate with perpetual Money Laundering (FATF) is an inter- succession. The Commission consists governmental body whose purpose is the of the Commissioner, as Chairman, and development and promotion of policies, seven other persons of whom four are both at national and international levels, from the UK and three from Gibraltar. to combat money laundering. It was All the members have experience of established by the G-7 Summit that regulation and supervision of finance was held in Paris in 1989, in response business or are a solicitor, barrister, to mounting concern over money auditor or actuary. laundering. The objectives of the Commission are The Task Force was given the set out in statute. According to the responsibility of examining money Ordinance the role of the Commission laundering techniques and trends, includes: reviewing the action that had already (a) To keep under review both the been taken at a national or international operation of Gibraltar legislation relating level, and setting out the measures to financial services and the effectiveness that still needed to be taken to combat of the supervision of institutions licensed money laundering. to provide any financial services. In April 1990, the FATF issued a (b) In respect of financial services in report containing a set of Forty those areas where Community law Recommendations, which provide a applies, to monitor the extent to which comprehensive blueprint of the action Gibraltar legislation and supervision of needed to fight against money laundering. licensed institutions - These recommendations form the core benchmark in the global fight against • Comply with Community obligations; money laundering. It was against these and that Gibraltar was assessed. • Establish and implement standards In the report, which was released in which match those required by November 2002, the review team endorsed legislation and supervisory practice Gibraltar’s robust anti money laundering governing the provision of financial regime: services within the United Kingdom. “Gibraltar has in place a robust (c) To seek through the provision of arsenal of legislation, regulations and effective services for the supervision of administrative practices to counter finance business to protect the public money laundering. The authorities against financial loss arising out of clearly demonstrate the political dishonesty, incompetence or malpractice will to ensure that their financial on the part of persons engaged in finance institutions and associated professionals business in Gibraltar; maximise their defences against money (d) To advise the Government of laundering, and cooperate effectively Gibraltar and the Government of the in international investigations into United Kingdom on matters concerning criminal funds. Gibraltar is close to financial services, having regard, in complete adherence with the FATF 40 4 particular, to any matter arising in 5 Recommendations”. Membership of the Brian Hilton, CB The Principal Officers of Commission (Appointed 1 October 2002) the Commission (as at 31st Mr Hilton replaced Sir John Caines. Mr March 2003) Chairman Hilton is currently a director of a number Brian Morris (Deputy Commissioner) Martin Fuggle, the Commissioner and of companies, including Pool Re and Pool Head of Investment Services Supervision Chairman of the Commission until his Re (Nuclear) reinsurance companies. retirement from the Commission on the 4th He was formerly Director General of the David Parody April 2003, took up his post in September Department of Trade and Industry in Head of Banking Supervision 1998. He worked for more than 30 years in the UK responsible for Corporate and the Bank of England and had accumulated Consumer Affairs including Competition Kieran Power over ten years’ supervisory experience as a Policy and Corporate Governance. Head of Fiduciary Services Supervision Senior Manager in the Banking Supervision Division. He left the Bank in 1996 to take Francis Isola, FCA Christopher Collins* up a position in Bermuda, advising the (Appointed 1st October 1997) Head of Insurance Supervision Bermuda Monetary Authority on a wide Francis Isola has been a member of the range of supervisory matters, particularly Financial Services Commission since October Norman Ritchie on regulatory development in the context of 1997. He is a Chartered Accountant and was Manager, Insurance Supervision and changing international standards. He joined a practising partner in KPMG Gibraltar. Financial Controller the Commission directly from Bermuda. Dr Oonagh McDonald CBE Heidi Almeida Marcus Killick took over from Mr Fuggle (Appointed 30th April 1999) Manager, Financial Services Supervision on 5th April 2003. Mr Killick is an English Dr Oonagh McDonald was a director of the barrister by training and is also a member of Financial Services Authority (previously * Mr Collins replaced Mr Jim Costin as the New York State Bar. From 1998, he was the Securities and Investments Board) from Head of Insurance Supervision from 15th a Director in the International Regulatory 1993 to 1998, the Investors’ Compensation October 2002, upon Mr Costin’s retirement Services Team of KPMG, based in the UK. Scheme from 1999 to 2001, the Financial from the Commission. He has also previously held positions as Ombudsman Service from 1998 to 2001, Deputy Chief Executive of the Isle of Man and was the Member of Parliament for Financial Supervision Commission, and Head Thurrock in Essex (1976-1987). She of Banking, Trusts and Investment Services at is currently Complaints Commissioner the Cayman Islands Monetary Authority. for the London Metal Exchange and the International Petroleum Exchange. Members of the Commission Terence Mathews CBE as at 31st March 2003 (Appointed 31st March 1995) Until 2002, Terry Mathews was a Mark Boleat, MA, FCIB consultant to the UK Financial Services (Appointed 30th September 2000) Authority. Previously, he was a member of Mr Boleat is a company director and the UK Building Societies Commission, and business consultant. He was Director had been a senior official of HM Treasury General of the Building Societies with extensive experience of both domestic Association from 1986 to 1993 and of the and international financial affairs. Association of British Insurers from 1993 to 1999. He is also a member of the UK’s James Neish QC National Consumer Council. (Appointed 31st July 2000) James Neish is a Partner in Triay, Stagnetto, Neish. He graduated from Nottingham James Galliano MBE, FCA University in 1972 and joined the Gibraltar (Appointed 30th July 1999) Civil Service where he served until 1978 as Mr Galliano qualified as a Chartered Clerk to the Council of Ministers, Gibraltar Accountant in 1961 and returned to Council and Press Officer. He was called Gibraltar in 1963 where he set up in to the Bar in 1979 and went into private practice on his own, subsequently setting practice. He was appointed Queens Counsel up the local firm of Galliano, Isola & Co. in 1999. He currently serves on a number of with Francis Isola. In 1987 he became a government boards and chairs certain social partner in Spicer & Pegler, and remained insurance and medical appeal boards. He is a partner in the merged firm of Coopers & presently Vice Chairman of the Gibraltar Lybrand and PricewaterhouseCoopers until Bar Council. retirement in 1998. 4 5 Commissioners’ Reports independent and professional supervision An IMF Report, under their Module 2 and its existence can be used by programme, assessing Gibraltar and its The Outgoing institutions to attract good quality clients particular supervisory arrangements against Commissioner’s Report or customers. What is now provided is international standards, was published in March a supervisory framework that has been 2002 and the results of this are detailed later in verified externally by independent teams this report, as is the Financial Action Task Force with no political axes to grind. (‘FATF’) review of Gibraltar’s anti-money- laundering arrangements, conducted under Supervisory standards and the auspices
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