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Publication Details

Considering the Consequences: The Development Implications of Initiatives on Taxation, Anti-money Laundering and Combating the Financing of Terrorism  


J C Sharman (Author), Percy S Mistry (Author)

Size: 240 mm x 156 mm
ISSN:
Categories: Economic Development, Tax Policy

ISBN No: 978-0-85092-874-7

Format: Paperback|  E-book

Publication Date: 05-2008
Number of Pages: 202

Status: In stock

Price: £ 65.00    [Currency converter]  


Description

‘...this book is a valuable resource. It is well written and cogently argued.’ – Journal of Banking Regulation, Vol. 10, 2, 176-177

 

‘...the study provides valuable data and policy discussions of some critical issues.’ – Tax Notes International, January 12, 2009

 

What have been the consequences of recent regulatory initiatives on international financial centres in small countries? This study of three small Commonwealth countries – Barbados, Mauritius and Vanuatu – suggests that the costs of implementing these new standards have exceeded any identifiable benefits for the countries concerned.

 

Moreover the main factor explaining the adoption of the new standards, in all three countries, is the fear of the consequences of being blacklisted by international organisations in the event of non-compliance, rather than any identified benefit in terms of increased competitiveness.

 

The authors consider how policy on anti-money laundering should be developed in the future, taking into account the particular concerns of small developing countries.

 

The book will be of interest to all those engaged in setting international standards for financial regulation, and those regulating the finance industry in both large and small countries.

Contents

Foreword

List of Abbreviations

Summary

 

1. Introduction

1.1 Rationale for the Study

1.2 Design and Methodology of the Report

1.3 Structure of the Report

 

2. The Barbados International Business and Financial Services Sector

2.1 Origins and Development of the IFS Sector in Barbados

2.2 The Importance of the IFS Sector in Barbados

 

3. Regulation of the Barbados International Business and Financial Services Sector

3.1 Regulation and Supervision of the IFS Sector pre-1998

3.2 Emergence and Evolution of the post-1998 Regulatory Regime for IFS

 

4. Incremental Costs and Benefits of Enhancing the IFS Regulatory Regime in Barbados

4.1 Incremental Costs of Adopting New International Regulatory Standards

4.2 Incremental Benefits of Enhanced IFS Regulation and Supervision

4.3 Overall Assessment of Net Benefits Accruing from the Adoption of New International Regulatory Standards and Strengthening the Regulatory Regime

 

5. Overall Conclusions for Barbados

 

6. Development of the IFS Industry in Mauritius

6.1 Inception and Early Regulation of the IFS Industry

6.2 Development of the Mauritian IFS Industry during 1992-98

6.3 Post-1998 Developments Affecting the Mauritian IFS Industry and its Regulation

 

7. Importance of the IFS Industry in the Mauritian Economy

7.1 Introduction

7.2 The Financial Services Sector

 

8. Regulation and Supervision of the IFS Industry in Mauritius

8.1 The Pre-2001 Regulatory Framework

8.2 The Post-2001 Regulatory Framework for the IFS Industry

 

9. Incremental Costs and Benefits of Enhancing the IFS Regulatory Regime in Mauritius

9.1 The Quantifiable Incremental Costs of New AML/CFT Regulation

9.2 Qualitative Assessment of Costs and Benefits

9.3 Overall Conclusions from the Analysis of Survey Findings

 

10. The International Financial Services Sector in Vanuatu

10.1 Introduction

10.2 Origins and Development of the IFS Sector in Vanuatu

10.3 The Importance of IFS to the Vanuatu Economy

 

11. Regulation and Supervision in Vanuatu

11.1 Structure of IFS Regulation and Supervision

11.2 Emergence/Evolution of the Post-2000 Regulatory Regime for IFS

 

12. Incremental Costs and Benefits of Enhancing the IFS Regulatory Regime in Vanuatu

12.1 Incremental Costs of Adopting New International Regulatory Standards

12.2 Incremental Benefits of Enhanced IFS Regulation and Supervision

12.3 Overall Assessment of Net Benefits Accruing to Vanuatu from Adoption of New International Regulatory Standards and Strengthened Regulatory Regime

12.4 Conclusions and Future Implications of Current International Regulatory Initiatives for Vanuatu

 

13. Case Study Synthesis, Conclusions and Future Directions

13.1 Costs and Benefits to the Public Sector in Barbados, Mauritius and Vanuatu

13.2 Costs and Benefits to the Private Sector in Barbados, Mauritius and Vanuatu

13.3 General Implications for the International Financial Centres

13.4 Conclusions and Further Directions

 

References and Bibliography

Annex

Index