The G20, which has responsibility for the international reform agenda, has identified the priorities for developing countries to include:   strict application of the Basel I framework and adherence to the Basel Core Principles together with the adoption of a clear time-table for moving to Basel II and Basel III;    adherence to international standards and codes, for example, IFRS, FATF standards for anti-money laundering as well as other standards applicable to the insurance and securities sectors; and    the promotion of regulatory cross-border co-operation on information exchange.
While our financial system as a whole was not directly affected, the global crisis was one factor that contributed to collapse of the region’s major conglomerate, CL Financial (CLF) and the difficulties faced by its two main financial entities, Colonial Life Insurance Company (Clico) and the Clico Investment Bank.