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

Authors

J. C. Sharman

Percy S. Mistry

DOI: https://doi.org/10.14217/9781848590090-en

Synopsis

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.

Chapters

Foreword

DOI: https://doi.org/10.14217/9781848590090-1-en

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List of Abbreviations

DOI: https://doi.org/10.14217/9781848590090-2-en

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Summary

DOI: https://doi.org/10.14217/9781848590090-3-en

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Introduction

DOI: https://doi.org/10.14217/9781848590090-4-en

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The Barbados International Business and Financial Services Sector

DOI: https://doi.org/10.14217/9781848590090-5-en

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Regulation of the Barbados International Business and Financial Services Sector

DOI: https://doi.org/10.14217/9781848590090-6-en

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

DOI: https://doi.org/10.14217/9781848590090-7-en

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Overall Conclusions for Barbados

DOI: https://doi.org/10.14217/9781848590090-8-en

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Development of the IFS Industry in Mauritius

DOI: https://doi.org/10.14217/9781848590090-9-en

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Importance of the IFS industry in the Mauritian Economy

DOI: https://doi.org/10.14217/9781848590090-10-en

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Regulation and Supervision of the IFS Industry in Mauritius

DOI: https://doi.org/10.14217/9781848590090-11-en

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

DOI: https://doi.org/10.14217/9781848590090-12-en

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The International Financial Services (IFS) Sector in Vanuatu

DOI: https://doi.org/10.14217/9781848590090-13-en

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Regulation and Supervision of the IFS Sector in Vanuatu

DOI: https://doi.org/10.14217/9781848590090-14-en

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

DOI: https://doi.org/10.14217/9781848590090-15-en

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Case Study Synthesis, Conclusions and Future Directions

DOI: https://doi.org/10.14217/9781848590090-16-en

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References and Bibliography

DOI: https://doi.org/10.14217/9781848590090-17-en

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Published

1 June 2008

Categories

Copyright (c) 2008 Commonwealth Secretariat

License

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This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.