Abstract
In this chapter, we look at the dis-articulation and mis-portrayals of “offshore”, raise questions of the knowledge produced about the international financial ecosystem and present an analysis on the summary impact of major re-regulatory measures and compliance standards on the offshore banking sector of a select group of Caribbean international financial centres, namely The Bahamas, the Cayman Islands, Bermuda and the BVI. We examine the effects of this sector on the economies of these four jurisdictions, compare the results, and rank each jurisdiction from most to least adversely affected. We then draw conclusions based on the overall results of our findings.
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Notes
- 1.
The Global Forum comprises 135 countries and 15 observers representing a number of tax and non-tax global entities.
- 2.
Calculated ambiguity, for Sharman, means “the ability to give diametrically opposed but legally valid answers to the same question from different quarters”. For more on this, see the online article, J. Sharman (2010b) ‘Offshore and the New International Political Economy’. International campaigns against tax avoidance measures have been led by international NGOs such as Tax Justice Network, Oxfam and Christian Aid.
- 3.
See International Offshore Jurisdiction Review—UK as a Tax Haven.
- 4.
Ibid.
- 5.
Apart from an outline of the distinctions, reference is also made to the proceedings in the debate in the House of Lords on 25 April 2017.
- 6.
For more on this, see, Caribbean Financial Action Task Force, “‘De-risking’ in the Caribbean Region”.
- 7.
Category A banks are allowed to conduct business in the international and domestic market, and category B banks are restricted to carrying out international banking and limited domestic business.
- 8.
For example, documents which are available to the public for inspection, such as the register of directors, officers and members, the law permit corporate entities and nominees to be appointed. Whereas, the register of beneficial ownership is filed with the BMA, therefore, it is not accessible for public inspection.
- 9.
Data related to asset value is not available for Bermuda and the BVI.
- 10.
Asset values in relation to the losses of licensees in the banking and fiduciary segment of the offshore sector for the Cayman Islands, Bermuda and the BVI were not available. Note that Cayman Islands and the BVI experienced the largest losses of 41% each compared to 13% in The Bahamas and 6.7% in Bermuda.
- 11.
Data relating to the market value of assets lost for the banking and fiduciary segment in the Cayman Islands was not available.
- 12.
Cross-border assets and liabilities consist of cross-border position in both domestic and foreign currency, as well as domestic positions in foreign currency.
- 13.
Assets for this segment of the offshore financial industry were not available for Bermuda and the BVI.
- 14.
This data was not available for the BVI.
- 15.
Data for the remaining period was not available.
- 16.
This information is not available for 2017, 2018 and 2019.
- 17.
Per the CIMA, an estimated 69% of funds based in the Cayman Islands are managed by US firms. Together, New York and Delaware make up 48% (3,425) of all (4,972) US managed funds.
- 18.
The Investment Funds Amendment Act 2013 was enacted, which made provisions for two new classes of exempted funds, aimed to facilitate speed to the market. The jurisdiction also made the European Union’s Alternative Investment Fund Managers Directive effective during the previous year and also signed a cooperative agreement with EU Member States to allow for its fund and fund managers to continue to conduct business in the EU without any competitive disadvantages.
- 19.
Net asset values are not available for 2017, 2018 and 2019.
- 20.
Asset value data was not available for the BVI. Asset value was not available for the BVI. The assets values noted for The Bahamas and Bermuda are indicated in local currency. As both currencies are pegged (1 to 1) with the US dollar, for comparative purposes, the assets values for these two jurisdictions are noted in US dollars.
- 21.
This percentage represents the domestic and offshore banking centre.
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Marshall, D.D., Campbell, A.M. (2021). The Consequences of Global Policy Initiatives Against Money Laundering, Terrorist Financing and Tax Evasion on Financial Centres in the Caribbean Region. In: Money Laundering, Terrorist Financing, and Tax Evasion . Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-68876-9_9
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