Isle of Man Announce Publicizing of Unfit Offshore Practitioners

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Wednesday, May 1, 2002
Author: 
Bruce Zagaris
Volume: 
18
Issue: 
5
180
Abstract: 
John Aspen, chief of The Isle of Man Financial Supervision Commission (FSC) has announced an initiative whereby it will “name and shame” any person found unfit to serve as a director, manager, controller or a “key person” of FSC licence-holders. Mr. Aspden said the publication or “naming and shaming” will help protect the consumer and is consistent with best supervisory practice internationally. The initiative to publicize unfit offshore practitioners illustrates two trends: the growing regulation of professionals engaging in international financial services; and the use of “naming and shaming” or publication of countries and/or persons who do not fulfill minimum international standards on regulating financial services. The growing regulation of professionals is reflected by various ways whereby countries and international organizations have decided a need exists to regulate professionals, such as lawyer, accounts, and independent professional who provide professional services involved in international financial services involved in international financial services and transactions. The Isle of Man model has been cited as principal means of regulating professionals conducting international financial transactions, so that they comply with anti-money laundering standards. This is known as the “gatekeeper initiative.”