But supervisors need to be prepared to be assertive with firms if, after a period of dialogue, they remain unconvinced that a risk has been properly mitigated. Regulators may not be able to see everything, but the crisis has put beyond doubt the idea that bank CEOs can either.
Joint teams from the World Bank and IMF confirmed the soundness of overall regulation in the most recent Financial System Stability Assessment (2013). Peer reviews are underway for Barbados under the Global Forum for the exchange of tax information, and under the aegis of the Caribbean Financial Action Task Force on money laundering.