A consultation Paper on the Draft IFSCA (Book-keeping, Accounting, Taxation, and Financial Crime Compliance Services) Regulations 2024 is been issued by the International Financial Services Centres Authority (IFSCA), asking for feedback and suggestions from stakeholders including Chartered Accountant members of the Institute of Chartered Accountants of India (ICAI).
The consultation paper’s objective is to gather distinct perspectives and details from industry experts, professionals, and organizations for the suggested regulatory framework for financial services within the International Financial Services Centre (IFSC) ecosystem.
The Finance Ministry categorized particular services like book-keeping, accounting, taxation, and financial crime compliance under the category of ‘Financial services’. This designation, summarized in a Gazette notification on 18th January 2024, set the foundation for the development of regulations controlling these crucial sectors.
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IFSCA while adhering to the regulatory milestone mentioned that an expert committee chaired by the President of ICAI to strategize and instruct a powerful regulatory framework sought to position GIFT IFSC as a top global hub for finance and accounting services.
The culmination is through the effective measures of the expert committee in the submission of the report before IFSCA, specifying the influential step to increase the regulatory environment and enhance excellence in financial and accounting methods within IFSCs.
The Consultation Paper on the Draft IFSCA Regulations 2024 illustrates a combined effort between IFSCA and industry stakeholders to rectify and conclude the regulatory framework controlling bookkeeping, accounting, taxation, and financial crime compliance services within IFSCs.
Invitation for Feedback:
All stakeholders, including members of ICAI, are been encouraged by the IFSCA to actively participate in this consultation process by furnishing their comments, suggestions, and recommendations on the draft regulations. The given online link or through email to cditswto@icai.in input can be submitted.
On 10th April 2024, the consultation period concludes, thereafter all submissions shall be reviewed and regarded for incorporation into the final regulatory framework. Your contributions are important in ensuring that the IFSCA (Book-keeping, Accounting, Taxation, and Financial Crime Compliance Services) Regulations 2024 show the industry’s best practices, promote regulatory clarity, and assist the growth of IFSCs as premier hubs for financial and accounting services all over the world.
With the utmost confidentiality, your responses will be regarded and will be compiled for review via appropriate authorities. The last date to submit your input is 10th April 2024.
To read more official annoyment by ICAI click here
