Friday, July 30, 2021

International Co-Operation

As the FCS Authority holds the responsibility to take into account the international initiatives that are aimed to establish legal business and standards of regulations for financial services businesses, it considers the international cooperation to be most beneficial activity happening between the companies with same way of work and development. Exchanging the information among companies from various countries is utterly important on the background of globalization processes and ensures reduction of financial crimes happening cross border.

As a member of the International Association of Insurance Supervisors or IAIS, as well as a permanent member of IOSCIO, the FCS structure is effectively engaged in controlling the movement of securities, the turnover of illegal funds. At the moment participation in the integration processes between all branches of the IAIS, IOSCO, FCS bodies is expanding, which has a positive effect on the work of these structures which are engaged in combating the corruption in the sphere of money supply.

The global forum OECD discusses the issues of transparency in the exchange of information on tax collection, the timeliness of filing tax returns, as well as other issues. The use of automatic exchange of information AEOI as well as receiving answers to any questions regarding taxation through EOIR significantly reduces the risk of base erosion and profit shelter in the G20. The exclusive, highly efficient structure of BERS is directly connected with all state institutions in Grenada, in order to improve the quality of tax services. On January 24, 2019, Grenada accepted the requirement of Action 5 of the BERS standards, which demonstrates the country’s desire to optimize the work of the tax collection service. The assessment given to 57 articles of preferential taxation has been corrected to improve the work of tax organizations.

The regional level of cooperation is also notable, as FCS is currently a member of the Committee of Insurance, Securities and non-banking financial authorities, widely known by its abbreviation CISNA, that is a department of Trade, Industry, Finance and Investment Directorate of Southern African Development Community known as SADC. You can get to know more about CISNA, which is a union of non-banking financial authorities, such as collective investment schemes, retirement funds, capital markets, insurance companies, providers of intermediary services inside the structure of SADC and much more by clicking on this link: http://www.oecd.org/tax/beps/harmful-tax-practices-2018-progress-report-on-preferential-regimes-9789264311480-en.htm

Grenada is a member of the Eastern and Southern Africa Anti-Money Laundering Group. The ESAAMLG organization effectively fights against all types of financial abuse, being an analogue of the FATF, which has long become a powerful barrier against the laundering of illegal funds obtained from the sale of drugs, weapons or other criminal business. ESAAMLG has widely adopted 40 FATF recommendations specifically used as the most powerful way to combat drug trafficking. Using the link www.fatf-gafi.org/media/fatf/documents/reports/mer-fsrb/MER-Grenada-September-2018.pdf, it is easy to check how skillfully Grenada is at combating criminal proceeds. The second round of peer review of the leading anti-money laundering authorities shows how far they have made in this issue.