FSC Chairman's Remarks - 2022 BIBA Global Conference

These centers typically represent a significant part of the economic drivers for many of the economies in which they reside. As such, the viability of these sectors is critical for the long-term sustainability of these economies.

Unfortunately, in recent times, there have been significant questions raised about the role of these centers and the suggestion that they present a risk to the global financial markets and to the countries of origin of their clients (from a tax and financial crime perspective.)

These questions and views on the broad-reaching potential adverse impacts of IFSCs on the global markets have in turn led to questions of viability. However, the reviews conducted by the international standards setters have largely shown evidence that these sectors are largely well run with strong regulatory regimes and oversight.

In resolving this specific question of viability, I will provide an overview of the challenges facing the sector as well as the potential opportunities.