Attendance to the 2022 Plenary Meeting of the Group of International Finance Centre Supervisors (GIFCS)

The AFA participates, as an observer and electronically, in the GIFCS plenary meeting organised during 26 and 27 April in London.

During the first day’s plenary sessions, trending topics such as transition following the pandemic and the shape of a "new normal", recent international developments and their effects on financial markets, impact of new technologies on the regulation and supervision of financial services, with special reference to development in BigTech, blockchain, crypto assets and new digital services, and  supervision of anti-money laundering and countering financing of terrorism, were discussed.

Aspects such as establishing a resolution authority, considerations and possible consequences of issuing a central bank digital currency and integrating climate-related and environmental risks into prudential supervision were the focus of the second day’s round table.

The Group of International Finance Centre Supervisors (GIFCS) was established in 1980 to promote the adoption of international best practices in the financial sectors of small countries, where legislative proportionality is necessary, but with an important weight of the financial sector in its economy. GIFCS currently comprises supervisors and central banks from 21 member countries and 2 countries as observers, including Andorra.

Source: Andorran Financial Authority