Concept Of Offshore Financial Centers
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Concept Of Offshore Financial Centers
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Author : Ahmed Zoromé
language : en
Publisher: International Monetary Fund
Release Date : 2007-04
Concept Of Offshore Financial Centers written by Ahmed Zoromé and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-04 with Business & Economics categories.
This paper proposes a new definition of Offshore Financial Centers (OFCs) and develops a statistical method to differentiate between OFCs and non-OFCs using data from the Coordinated Portfolio Investment Survey (CPIS), the International Investment Position (IIP), and the balance of payments. The suggested methodology identifies more than 80 percent of the OFCs in the study sample that also appear in the a priori list used by the IMF to conduct its OFC assessment program. The methodology distinguishes OFCs based strictly on their macroeconomic features and avoids subjective presumptions on their activities or regulatory frameworks. The study also identifies three new countries meeting OFC criteria.
The Value Of Offshore Banking To The Global Financial System
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Author : John E. Baiden
language : en
Publisher: Xlibris Corporation
Release Date :
The Value Of Offshore Banking To The Global Financial System written by John E. Baiden and has been published by Xlibris Corporation this book supported file pdf, txt, epub, kindle and other format this book has been release on with Business & Economics categories.
Offshore Financial Centers The Assessment Program A Progress Report
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Author : International Monetary Fund. Monetary and Financial Systems Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2006-10-02
Offshore Financial Centers The Assessment Program A Progress Report written by International Monetary Fund. Monetary and Financial Systems Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-10-02 with Business & Economics categories.
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.
Banking Secrecy And Offshore Financial Centers
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Author : Mary Alice Young
language : en
Publisher: Routledge
Release Date : 2013-02-11
Banking Secrecy And Offshore Financial Centers written by Mary Alice Young and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-02-11 with Law categories.
This book brings together the issues surrounding banking secrecy and confiscation of criminal proceeds. 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. It looks at how these agreements have been applied in offshore financial centers and demonstrates that despite a number of legally binding UN Conventions as well as global anti-money laundering recommendations, the implementation of them is often lukewarm by those Parties who have ratified the Convention and adopted obligations, because of this the confiscation legislation is incompatible with strict banking confidentiality laws. The work draws on the experience of criminologists to offer critical insight into the legislative frameworks designed to deal with banking secrecy and confiscation in offshore financial centers. It goes on to offer suggestions for measures that may be taken by major economies to circumvent the lack of cooperation by offshore financial centers as intolerance towards money laundering grows in light of recent political and economic events. This book will be of particular interest to students and scholars of Law, Finance and Criminology.
Offshore Financial Center Program A Progress Report
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Author : International Monetary Fund. Monetary and Capital Markets Department
language : en
Publisher: International Monetary Fund
Release Date : 2002-03-29
Offshore Financial Center Program A Progress Report written by International Monetary Fund. Monetary and Capital Markets Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-03-29 with Business & Economics categories.
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Offshore Financial Centres And The Law
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Author : Dominic Thomas-James
language : en
Publisher: Routledge
Release Date : 2021-07-15
Offshore Financial Centres And The Law written by Dominic Thomas-James and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-07-15 with Business & Economics categories.
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.
Offshore Financial Centers The Assessment Program A Progress Report And The Future Of The Program
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Author : International Monetary Fund. Monetary and Financial Systems Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2003-07-31
Offshore Financial Centers The Assessment Program A Progress Report And The Future Of The Program written by International Monetary Fund. Monetary and Financial Systems Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-07-31 with Business & Economics categories.
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Offshore Financial Centers Accounting Services And The Global Economy
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Author : Don E. Garner
language : en
Publisher: Bloomsbury Publishing USA
Release Date : 2000-07-30
Offshore Financial Centers Accounting Services And The Global Economy written by Don E. Garner and has been published by Bloomsbury Publishing USA this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000-07-30 with Political Science categories.
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.
The Role Of Offshore Centers In International Financial Intermediation
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Author : Marcel Cassard
language : en
Publisher: International Monetary Fund
Release Date : 1994-09-01
The Role Of Offshore Centers In International Financial Intermediation written by Marcel Cassard and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994-09-01 with Business & Economics categories.
The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.
Re Imagining Offshore Finance
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Author : Christopher M. Bruner
language : en
Publisher: Oxford University Press
Release Date : 2016-11-11
Re Imagining Offshore Finance written by Christopher M. Bruner and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-11-11 with Law categories.
Small jurisdictions have become significant players in cross-border corporate and financial services. Their nature, legal status, and market roles, however, remain under-theorized. Lacking a sufficiently nuanced framework to describe their functions in cross-border finance - and the peculiar strengths of those achieving global dominance in the marketplace - it remains impossible to evaluate their impacts in a comprehensive manner. This book advances a new conceptual framework to refine the analysis and direct it toward more productive inquiries. Bruner canvasses extant theoretical frameworks used to describe and evaluate the roles of small jurisdictions in cross-border finance. He then proposes a new concept that better captures the characteristics, competitive strategies, and market roles of those achieving global dominance in the marketplace - the "market-dominant small jurisdiction" (MDSJ). Bruner identifies the central features giving rise to such jurisdictions' competitive strengths - some reflect historical, cultural, and geographic circumstances, while others reflect development strategies pursued in light of those circumstances. Through this lens, he evaluates a range of small jurisdictions that have achieved global dominance in specialized areas of cross-border finance, including Bermuda, Dubai, Singapore, Hong Kong, Switzerland, and Delaware. Bruner further tests the MDSJ concept's explanatory power through a broader comparative analysis, and he concludes that the MDSJs' significance will likely continue to grow - as will the need for a more effective means of theorizing their roles in cross-border finance and the global dynamics generated by their ascendance.