The International Financial Services Authority (“IFSA” or “the Authority”) regulates the International Financial Services Sector of St. Vincent and the Grenadines in accordance with international best practices. The International Financial Services Authority was originally established by the Offshore Finance Authority Act 1996 as the Offshore Finance Authority and was subsequently renamed by the St. Vincent and the Grenadines Offshore Finance Authority (Renaming) Act 2003. The Act makes provision for the establishment of the Authority, with the Authority having primary responsibility for the efficient and responsible administration and supervision of offshore/international financial legislation. The Act also provides for the Authority to be governed by an Authority Board and outlines how the Board should be constituted. The Authority Board, subject to prior approval from Cabinet, may appoint any natural person to the position of Executive Director to manage the day to day business of IFSA, and to be responsible for the proper discharge of the duties of the Authority that are delegated to the Executive Director by the Authority under the Act and under all other offshore/international
financial legislation.

The duties and functions of the Authority include the following:

(1) managing, directing, controlling and supervising the International Fnancial Services
     Industry of St. Vincent and the Grenadines;

(2) administering and overseeing the process of licensing Registered Agents, Private
     Trustees, Financial Fiduciaries and their services to ensure compliance;

(3) administering and overseeing the licensing, regulation and supervision of International
     Banks, Mutual Funds, International Insurances, Trusts and International Business Companies.

The Financial Intelligence Unit exercises general supervision, particularly in anti-money
laundering oversight.