Regulatory body announces probe into itself

In the wake of an alleged multibillion-dollar fraud scheme involving a major offshore banking institution, the board of the troubled Antiguan Financial Services Regulatory Commission (FSRC) has announced a major investigation into its operations and administrative procedures, according to a report on www.cananews.net.



\"This investigation has already commenced and will be broadened as assistance which has been sought from the Caribbean Financial Action Task Force is received,\" said a statement issued by the FSRC this afternoon.



\"The objective is to ensure that, at the end of this exercise, the Commission will emerge as a stronger single regulatory unit which will effectively service non-bank financial institutions, the domestic insurance sector, the interactive gaming and wagering sector and the international business sector,\" it added.



The FSRC and the wider financial services sector have been under intense scrutiny since the announcement of fraud charges against Texan investor Sir Allen Stanford and the implication of the then FSRC boss in the alleged scheme.



In spite of this, the regulatory authority has said that it has moved to ensure that its image as a reputable institution staffed with professional, highly skilled personnel remains intact.



\"The Commission takes seriously its role as regulator of the international financial sector. It is the board\'s intention to utilise every available resource to secure the continued repose of public confidence in the Commission,\" the release stated.



The FSRC also noted that recent global events have posed a challenge for all regulatory authorities concerned with supervision of entities within the financial services sector.



\"For its part, the Financial Services Regulatory Commission of Antigua and Barbuda continues to approach the challenges before it as an opportunity for continued growth and improvement while remaining vigilant to ensure that Antigua and Barbuda is positioned to meet and exceed the highest regulatory standards locally, regionally and globally,\" the FSRC said.