The Financial Stability Forum (FSF) have published a list of jurisdictions with significant offshore financial activities and catergorised these into three groups.
The Gibraltar Government is surprised at the classification of Gibraltar within Group 2 which is defined as "jurisdictions….. generally perceived as having legal infrastructures and supervisory practices; and or a level of resources devoted to supervision and co-operation relative to the size of their financial activities and/or a level of co-operation that are largely of a higher quality then Group III but lower than Group I" and is of the view that Gibraltar should have been placed in Group 1.
By its own admission the FSF process is subjective and impressionistic. It is based on answers to questionnaires and subjective opinions of other jurisdictions. No reasons have been given to jurisdictions or discussions entertained with jurisdictions before the gradings were announced.
