Advertisement

The Value of IFCS and Focusing on Facts Rather than Fiction

  • Geoff Cook
Chapter
Part of the The World of Small States book series (WSS, volume 3)

Abstract

The chapter takes issue with reoccurring claims by NGOs and pressure groups that certain Small States and Overseas Territories are tax havens. It argues that IFCs in Small States fulfil an important function.

References

  1. Action Aid International (2016) Mistreated The tax treaties that are depriving the world’s poorest countries of vital revenue. South Africa, Action Aid International. Available via Actionaid. http://www.actionaid.org/sites/files/actionaid/actionaid_-_mistreated_tax_treaties_report_-_feb_2016.pdf. Accessed 3 Aug 2017
  2. Baker RW (2005) Capitalism’s achilles heel: dirty money and how to renew the free-market system. Wiley, HobokenGoogle Scholar
  3. Berkhout E (2016) Tax battles: the dangerous global race to the bottom on corporate tax. Oxfam International, OxfordGoogle Scholar
  4. Chaloner J, Dreisin A, Evans A, Phelan J, Pragnell S (2014) Jersey’s value to Africa, the role for international financial centres in delivering sustainable growth in developing countries. Capital Economics Limited, LondonGoogle Scholar
  5. Christian Aid (2008) Death and Taxes. http://www.christianaid.org.uk/images/deathandtaxes.pdf. Accessed July 2017
  6. Cobham A (2014) Blowing the Whistle; Time’s up for Financial Secrecy. Center for Global Development. http://www.christianaid.org.uk/images/blowing-the-whistle-caweek-report.pdf. Accessed 4 Aug 2017
  7. Debono M, Dresin A, Evans A, Phelan J, Pragnell M (2016) Jersey’s value to Europe. Capital Economics, LondonGoogle Scholar
  8. Evans A, Lund R, Pragnell M (2016) Jersey’s value to Britain, 2nd edn. Capital Economics, LondonGoogle Scholar
  9. Findley M, Nielson D, Sharman J (2014) Global shell games: experiments in transnational relations, crime and terrorism. Cambridge University Press, CambridgeGoogle Scholar
  10. Forstater M (2015) Can Stopping ‘Tax Dodging’ by Multinational Enterprises Close the Gap in Development Finance? Available at https://www.cgdev.org/sites/default/files/CGD-policy-paper-69-Forstater-tax-dodging-dev-finance_2.pdf
  11. Forstater M (2017) Beneficial openness? Weighing the costs and benefits of financial transparency. CMI Working Paper number 3. Chr. Michelsen Institute, Norway. Available at https://www.cmi.no/publications/file/6201-beneficial-openness.pdf
  12. Goodall A (2011) Tax gap debate: Measuring the cost of avoidance. Available via Tax Journal. https://www.taxjournal.com/articles/tax-gap-debate-measuring-cost-avoidance0903. Accessed 4 Aug 2017
  13. Harding L. Map reveals how secretive Panama law firm Mossack Fonseca relies on a network of offices with contacts around the world to support its super-rich clients. The Daily Mail, 4 April 2016. http://www.dailymail.co.uk/news/article-3522453/How-secretive-law-firm-Mossack-Fonseca-relies-global-network-bankers-lawyers-accountants-betweens-support-super-rich-clients.html. Accessed 4 Aug 2017
  14. Henry JS (2012) The Price of Offshore Revisited. Available via Tax Justice Network. http://www.taxjustice.net/cms/upload/pdf/Price_of_Offshore_Revisited_120722.pdf. Accessed 4 Aug 2017
  15. House of Commons International Development Committee (2016) Tackling corruption overseas Fourth Report of Session 2016–2017. House of Commons, LondonGoogle Scholar
  16. International Finance Corporation (2016) Transforming African Development, Partnerships and Risk Mitigation to Mobilise Private Investment on a New Scale. https://www.ifc.org/wps/wcm/connect/66f9f3e7-8be6-4f42-8cf9-7ae1fa474ef1/Transforming+African+Development+English+FINAL.pdf?MOD=AJPERES. Accessed 4 Aug 2017
  17. Investment Consulting Associates (2013) Jersey’s Role as International Financial Centre: Facilitating and Enhancing Foreign Direct Investment. https://www.jerseyfinance.je/jerseyforfdi#.WW8784-cGUk. Accessed 4 Aug 2017
  18. Jersey Financial Services Commission (2016) Information Sharing Agreement; Between the following: The Jersey Financial Services Commission (JFSC) and The Joint Financial Crimes Unit (JFCU). https://www.jerseyfsc.org/pdf/JFSC-JFCU-Information-Sharing-Agreement-June-2017.pdf. Accessed 4 Aug 2017
  19. Kar D, Spanjers J (2015) Illicit Financial Flows from Developing Countries: 2004–2013. Available via Global Financial Integrity. http://www.gfintegrity.org/wp-content/uploads/2015/12/IFF-Update_2015-Final-1.pdf. Accessed 4 Aug 2017
  20. Linning S. What are the Panama Papers? A guide to history’s biggest data leak. The Guardian, 5 April 2016. https://www.theguardian.com/news/2016/apr/03/what-you-need-to-know-about-the-panama-papers. Accessed 4 Aug 2016
  21. McNair D, Kraus J, McKiernan K, McKay S (2014) The Trillion Dollar Scandal. One. https://s3.amazonaws.com/one.org/pdfs/Trillion_Dollar_Scandal_report_EN.pdf. Accessed 4 Aug 2017
  22. MONEYVAL (2015) Report on Fourth Assessment Visit, Anti-Money Laundering and Combating the Financing of Terrorism. Council of Europe. https://rm.coe.int/report-on-fourth-assessment-visit-executive-summary-anti-money-launder/1680716463. Accessed 4 Aug 2017
  23. Nitsch V (2015) Trillion dollar estimate: illicit financial flows from developing countries. Darmstadt University, p 15Google Scholar
  24. OECD (2017) Standard for automatic exchange of financial account information in tax matters, 2nd edn. OECD Publishing, Paris. https://doi.org/10.1787/9789264216525-enGoogle Scholar
  25. Oxfam (2000) Tax havens: releasing the hidden billions for poverty eradication. Oxfam International, OxfordGoogle Scholar
  26. Sharman JC (2016) Solving the beneficial ownership conundrum: central registries and licensed intermediaries. Jersey Finance Limited, JerseyGoogle Scholar
  27. Sharman JC (2017) The despot’s guide to wealth management: on the international campaign against grand corruption. Cornell University Press, IthacaGoogle Scholar
  28. Snowdon C (2012) Sock Puppets, How the Government Lobbies itself and Why. IEA Discussion Paper No. 39. https://iea.org.uk/wp-content/uploads/2016/07/DP_Sock%20Puppets_redesigned.pdf. Accessed 4 Aug 2017
  29. The BBC. Panama Papers Q&A: What is the scandal about? 6 April 2016. http://www.bbc.co.uk/news/world-35954224. Accessed 4 Aug 2017
  30. The International Consortium of Investigative Journalists (2016) Giant Leak of Offshore Financial Records Exposes Global Array of Crime and Corruption. The Panama Papers. https://panamapapers.icij.org/20160403-panama-papers-global-overview.html. Accessed 4 Aug 2017
  31. United Nations Conference on Trade and Development (2005) Economic Development in Africa, Rethinking the Role of Foreign Direct Investment. http://unctad.org/en/Docs/gdsafrica20051_en.pdf. Accessed 4 Aug 2017
  32. Van der Does de Willebois E, Halter EM, Harrison RA, Won Park J, Sharman JC (2011) The puppet masters: how the corrupt use legal structures to hide Stolen Assets and what to do about it. World Bank Publications, WashingtonGoogle Scholar

Copyright information

© Springer International Publishing AG, part of Springer Nature 2018

Authors and Affiliations

  1. 1.Jersey FinanceEsplanadeJersey

Personalised recommendations