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CFO assessment program by IMF
In 1999, IMF together with the World Bank started the activities regarding CFO, by announcing an assessment program of the financial sector (PESF), launched as an experiment. The program consists of a health exam for the financial sector of the countries and allows interpretation of the macro caution indicators which shows the past crises. The assessment program (PESF) equally regards the offshore financial centers.
The program which assesses the offshore financial centers was launched by the IMF in 2000. It contains two groups (5):
· Financial control, containing the assessments;
· Technical assistance and statistics.
The assessment of the offshore financial centers is optional and it is achieved on three levels of intensity (6).
· The 1st module is a self-assessment, with the professionals’ technical assistance, if the PFO follows the regulations. It regards the PFO responsibility and it is an introduction to the independent assessment.
· The 2nd module is an independent assessment performed by the IMF on keeping the regulations.
· The 3rd module is a complete assessment, set by the IMF, of the risks and vulnerabilities if the presumptive international and regulation observance.
As the assessment in modules 2 and 3 is concerned, it can be achieved by a group of surveillance professionals from the surveillance agencies from the offshore centers, experts from the World Bank and additional experts as the one from FATF. In assessing the standards from each module, the priorities are decided according to the activated lead within the centers, insisting on the effort against capital laundry.
IMF supports the offshore centers to gather information which can allow voluntary self-assessment through its technical assistance. In 2004, 4.3% (7) from the technical assistance it was
5 http://www.imf.org/external/rp./mae/oshore/2000/eng/role.htm. 1084 Challenges of the Knowledge Society. Finance and Accounting
offered by IMF for the offshore financial centers and the fight against capital laundry and terrorism financing.
Technical assistance to support the centers decreases the statistics and especially helps their participation to the statistical data collection.
Date: 2014-12-29; view: 972
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