This book brings together the issues surrounding banking secrecy and confiscation of criminal proceeds in offshore financial centres. The book examines the existing legal agreements at the international, regional and national levels and their interaction in the substantive areas of confiscation, anti-money laundering and banking confidentiality laws. The work draws on the insights of criminologists to offer critical insight into the legislative frameworks designed to deal with banking secrecy and confiscation in offshore financial centres. It goes on to offer suggestions for measures that may be taken by major economies to circumvent the lack of cooperation by offshore financial centres as intolerance towards money laundering grows in light of recent political and economic events.
An insight into bank secrecy in major jurisdictions, complemented by chapters on privacy, data protection, conflict of laws and exchange of information.
Reputable offshore financial centers play a legitimate role in international finance and trade, offering huge advantages in certain situations for both corporations and individuals. This book provides an informative and comprehensive survey of the legitimate uses of offshore financial services. It deals with both background and practice relating to offshore financial services, their provision and regulation, and assists prospective users by acting as a guide to the benefits and pitfalls they may encounter. The second edition has been thoroughly revised and includes a new chapter on offshore banking services. The first chapters cover offshore financial centers (OFCs) and matters of general relevance. The following chapters describe the principal services commonly available in OFCs. The last chapter looks at the future for these centers. The use of offshore financial services is not exclusive to the UK or the USA, but is global in nature.
This book considers the ability of island jurisdictions with financial centres to meet the expectations of the international community in addressing the threats posed to themselves and others by their innocent (or otherwise) facilitation of the receipt of suspect wealth. In the global financial architecture, British Overseas Territories are of material significance. Through their inalienable right to self-determination, many developed offshore financial centres to achieve sustainable economic development. Focusing on Bermuda, Turks and Caicos, and Anguilla, the book concerns suspect wealth emanating from financial crimes including corruption, money laundering and tax evasion, as well as controversial conduct like tax avoidance. This work considers the viability of international standards on suspect wealth in the context of the territories, how willing or able they are to comply with them, and how their financial centres can better prevent receipt of suspect wealth. While universalism is desirable in the modern approach to tackling suspect wealth, a one-size-fits-all approach is inappropriate for these jurisdictions. On critically evaluating their legislative and regulatory regimes, the book advances that they demonstrate willingness to comply with international standards. However, their abilities and levels of compliance vary. In acknowledging the facilitatively harmful role the territories can play, this work draws upon evidence of implication in transnational financial crime cases. Notwithstanding this, the book questions whether the degree of criticism that these offshore jurisdictions have encountered is warranted in light of apparent willingness to engage in the enactment and administration of internationally accepted laws and cooperate with international institutions.
The new global climate of free enterprise has brought with it a proliferation of offshore financial centers that presumably have important roles to play in the emergent global economy. The air of secrecy that appears to pervade the activities of offshore financial centers may well slant or obscure any real understanding of the functions of such centers. The authors investigate the role of major international accounting firms and their services in the processes of business facilitation in the locations that host these centers. By focusing the investigation upon the role of the accounting firms in offshore financial centers, the authors gain a better grasp of the real or potential impacts of the firms in the global economy and in the jurisdictions that host them. Not only do the authors provide a detailed assessment of what the major accounting firms are actually doing in the centers, but they point out what attributes are needed by jurisdictions hoping to succeed as offshore financial centers. The centers included are Antigua, Barbuda, the Bahamas, Barbados, Bermuda, the Cayman Islands, the Channel Islands, the Isle of Man, Gibraltar, Malta, Cyprus, Bahrain, the United Arab Emirates, Mauritius, the Seychelles, Singapore, and Vanuatu. The authors describe the legal and institutional environments facing business operations in general and the accounting firms in particular in offshore financial centers. By studying these operations, it should show what they are doing in terms of facilitating the international activities that flow through such centers. It should also add to the understanding of the potential that offshore activities have as vehicles for development in small emerging economies. This study should be of interest to a wide range of business disciplines, as well as governmental agencies in advanced and emerging nations, international agencies such as regional development banks, and accountants and the international financial community.
Offshore finance has transformed many small jurisdictions into high income economies and has facilitated the growth of global financial markets, deregulation and the convergence of economic policies worldwide. However, the volatility and fickle nature of global capital has also become apparent. This major new multi-disciplinary and international collection explores the development of offshore finance and is an extremely valuable resource for all those considering the issues involved in this important area.
An insight into bank secrecy in major jurisdictions, complemented by chapters on privacy, data protection, conflict of laws and exchange of information
In Offshore Financial Centers and Regulatory Competition, a group of leading international law and finance experts argues that offshore jurisdictions have become key players in corporate finance and captive insurance markets.
This paper updates Executive Directors on the progress since February 2005 in implementing the second phase of the offshore financial center (OFC) program as agreed in November 2003 (see PIN No. 03/138 at http://www.imf.org). At that time, Directors recognized that OFCs could pose prudential and financial integrity risks to the international financial system. In this context, Directors agreed that the monitoring of OFCs' activities and their compliance with supervisory and integrity standards should become a standard component of the financial sector work of the Fund. They also requested periodic updates on the progress with implementation of the program. Earlier updates were provided in March 2004 (Offshore Financial Centers—The Assessment Program—An Update) and February 2005 (Offshore Financial Centers—The Assessment Program—A Progress Report). With the completion of the first round of assessments, staff have begun implementing the second phase of the program.
