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Description of Financial Regulation in Offshore Centres

For supervisors and regulatory professionals, sweeping criticisms of offshore centres do not help. In today's financial world, offshore centres do play a pivotal role. Thus regulators, central bankers and professional advisers need authoritative factual information about how they do business and, crucially, how they are regulated. The contributors to Financial Regulation in Offshore Centres - most of them leading regulators themselves - are best placed to deliver this.

Over recent years offshore centres, and the way in which they supervise financial institutions, have come under intense scrutiny. In response, many offshore centres have moved quickly to update their safeguards and adopt international standards in areas like money laundering and banking supervision. Financial Regulation in Offshore Centres offers an authoritative guide to the legal and regulatory environment of leading offshore centres, and examines the current initiatives concerning them.

The 16 leading OFC supervisors who have contributed, provide up-to-date detailed briefings on the key features of their own jurisdictions, covering; major business lines; the legal and fiscal framework, and how they approach their job as supervisors.

Similarly, the institutional critics of offshore finance explain their approach. In addition, detailed appendicies describe the leading offshore centres and the authorities responsible for them - profiling over 60 agencies in 33 jurisdictions.

CRITICIAL ISSUES AND KEY TRENDS:

Money laundering. Accused of handling dirty money, many offshore centres have revolutionised their anti-money-laundering systems. Financial Regulation in Offshore Centres tracks the changes.

Emoney and virtual finance: Offshore centres' experience in serving non-residents puts them at the forefront of virtual finance. This edition explores the real-world dilemmas which this creates.

Trust and company law. Increasingly, funds are intermediated not though banks but through trusts and corporate vehicles. The authors explain how local trust and company law has developed and investigate evolving best practice in this area.

Tax regimes: offshore centres are most sensitive to criticisms of their right to control their own tax regimes. The authors describe local tax systems in place and the controversy over the efforts of international authorities to bring them to check.

Future of OFCs: As well as describing current frameworks, each author discusses future plans and how they expect the OFC sector to evolve.

Clear up-to-date information:

As well as contributions from regulators and experts this new volume also provides the key factual background which regulatory professionals need to understand OFCs.

Regulatory agency profiles: Regulatory agencies in OFCs are evolving fast. We profile 60 agencies from 33 jurisdictions, including full contact information for key staff.

Key facts on OFCS: gives background on the legal and political system; number of licensed banks; population; and key economic indicators

Influential reports on OFCs: Institutions like the Financial Action Task Force on money laundering and the Financial Stability Forum are driving the agenda on OFCs. This edition reproduces their influential reports and analysis.

If you need authoritative and up-to-date information about the fast-evolving world of offshore finance, order Financial Regulation in Offshore Centres.

Contributors:

Julian Francis, Governor, Central Bank of the Bahamas
Dr Marion Williams, Governor, Central Bank of Barbados
Robert A. Mathavious, Director of Financial Services, Government of the British Virgin Islands
David Carse, Deputy Chief Executive, Hong Kong Monetary Authority
Anselmo Teng, Chairman, Monetary Authority of Macau
Rafael B. Buenaventura, Governor, Bangko Sentral ng Pilipinas
William Witherell, Director, Financial Fiscal and Enterprise Affairs, Organisation Economic Cooperation and Development
José Roldán, former President, Financial Action Task Force on money laundering.

Title Information

ISBN:

9781902182179

Pages:

220 pages

Format:

Hardback

Product Code:

16189

Publisher:

Central Banking Publications

Published:

30/11/-0001

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Contents of Financial Regulation in Offshore Centres

1. The significance of Aruba's offshore sector
by Dr A. R. Caram, President, Centrale Bank van Aruba

2. The Bahamas perspective
by Julian Francis, Governor, Central Bank of the Bahamas

3. International challenges to the offshore sector
by Dr Marion Williams, Governor, Central Bank of Barbados

4. The recent development of Bermuda as a financial centre
by Cheryl-Ann Lister CFA, MBA, Chairman, Bermuda Monetary Authority

5. Regulation in the British Virgin Islands
by Robert A. Mathavious, Director of Financial Services, Government of the British Virgin Islands

6. Financial regulation in Cyprus
by S. G. Stavrinakis, Manager, International Banking & Financial Services Supervision Department, Central Bank of Cyprus

7. Financial regulation in the Bailiwick of Guernsey
by Peter Crook, Director General, Guernsey Financial Services Commission

8. Hong Kong as an international financial centre
by David Carse, Deputy Chief Executive, Hong Kong Monetary Authority

9. The evolution of international financial services in Ireland
by Mary Mangan, Senior Regulator, Supervision Division, Central Bank of Ireland

10. Financial regulation in the Isle of Man
by John R. Aspden, Chief Executive, Financial Supervision Commission, Isle of Man

11. Jersey as a financial centre
by Colin Powell OBE, Chairman, Jersey Financial Services Commission

12. Financial regulation in Macau
by Anselmo Teng, Chairman, Monetary Authority of Macau

13. Oman as a financial centre and the regulatory and supervisory system
by Hamood Sangour Al Zadjali, Executive President, Central Bank of Oman

14. The Philippines. responding to the challenges of the 21st Century
by Rafael B. Buenaventura, Governor, Bangko Sentral ng Pilipinas

15. Regulation in St. Kitts and Nevis
by Prabha Siewrattan, Director General, St Kitts and Nevis Financial Services Department

16. Financial regulation in the Turks and Caicos Islands
by Dulcie James, Deputy Superintendent and Superintendent of Banking, Turks and Caicos Financial Services Commission

17. The economics of offshore finance
by Dr Mark Hampton, Senior Lecturer, Department of Economics, University of Portsmouth and John Christensen, Menas Associates

18. The OECD and offshore financial centres
by William Witherell, Director, Financial Fiscal and Enterprise Affairs, Organisation for Economic Cooperation and Development

19. The role of the Financial Action Task Force
by José Roldán, former President, Financial Action Task Force on money laundering