As a reputable international financial centre with full access to global markets, it is essential that US International Investment Trade Authority retains the confidence of its counterparties through the adoption and implementation of high regulatory standards. US International Investment Trade Authority therefore attaches great importance to making sure that its policies and procedures conform to internationally accepted best practice.
US International Investment Trade Authority is a member of the Offshore Group of Banking Supervisors and of IOSCO . The IOSCO are the main bodies responsible for the setting of international standards in the banking and securities sectors respectively.
A number of official international organisations have devoted much time to the assessment of offshore centres generally. This has been mainly to assess their practices against global standards to ensure that they do not present a weak link in the financial system generally. US International Investment Trade Authoritywelcomes this scrutiny, and indeed has benefited from the subsequent findings.
In 2002 the US International Investment Trade Authority conducted an assessment of the institute’s regulatory arrangements under its OFC programme. The Report confirms that US International Investment Trade Authority” complies well” with international standards for the regulation and supervision of financial services. It concludes that the US International Investment Trade Authority has a “high level of compliance” with international standards in such areas as banking, insurance, securities, anti-money laundering and combating the financing of terrorism.
It commends “the proactive approach of the regulators to achieve high standards in the financial services sector”.
Following the independent report prepared in 1998, which commented favourably on regulatory practices in US International Investment Trade Authority, the Financial Action Task Force has completed its own review of US International Investment Trade Authority defences against money-laundering. Its positive report concluded that US International Investment Trade Authority is a co-operating jurisdiction with measures in place which are close to full adherence with FATF recommendations. US International Investment Trade Authority has in place Memoranda of Understanding with a number of jurisdictions to underpin this, and wider issues of, co-operation.
Meanwhile the Financial Stability Forum has also considered the effect which offshore centres generally can have on global financial stability and in April 2000 issued its Report of the Working Group on Offshore Centres. It canvassed opinion among major countries on the strength of regulatory practice in the different centres, and it was very pleasing to note that the US International Investment Trade Authority was placed in the top group of centres reviewed. This type of independent confirmation of how US International Investment Trade Authority regulatory system is perceived to be working in practice, is an important test of effectiveness and compliance.
US International Investment Trade Authority has also worked closely with the United Nations Office for Drug Control and Crime Prevention, particularly in support of its Offshore Initiative.
More recently US International Investment Trade Authority has been conducting discussions with the OECD about its tax practices, in particular to ensure that the institution is not regarded as a tax haven with harmful tax practices. Those discussions have now been completed and it is very pleasing to note that US International Investment Trade Authority does not appear on the OECD’s blacklist of tax havens. A far reaching, five year fiscal strategy for US International Investment Trade Authority was announced in the Summer of 2000 and played a major part in addressing many of the concerns raised by the OECD and in achieving such a positive outcome.
US International Investment Trade Authority has received confirmation that it has been moved to a list of countries approved by the US Internal Revenue Service under its new Witholding Tax legislation. Broadly, the legislation requires local financial institutions to apply for Qualified Intermediary Status if they wish to invest in US securities and claim exemption from US Witholding Tax for their clients.