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2021 | OriginalPaper | Buchkapitel

7. The Impact of International Policy Initiatives Against Money Laundering and Terrorist Financing on the Legislative Systems and Institutions of Offshore Financial Centres in the Caribbean

verfasst von : Aretha M. Campbell

Erschienen in: Money Laundering, Terrorist Financing, and Tax Evasion

Verlag: Springer International Publishing

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Abstract

This chapter analyses the measures implemented by The Bahamas, the Cayman Islands, Bermuda and the BVI in response to international policy initiatives introduced by the Financial Action Task Force (FATF) to counter money laundering and terrorist financing. This analysis is conducted for the period 2007 to 2012, which coincides with the timeframe in which each jurisdiction underwent their third mutual evaluation report (MER) conducted by the Caribbean Financial Action Task Force (CFATF). We examine these measures using a comparative analysis approach and observe the trends to determine the impact of the Forty Recommendations on the legal systems and institutions of these four jurisdictions.

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Vorheriges Kapitel International Solutions to Tax Evasion

Nächstes Kapitel The Impact of International Policy Initiatives Against Tax Evasion on the Legislative Systems and Institutions of Offshore Financial Centers in the Caribbean

See FATF website http://www.fatf-gafi.org/publications/high-riskandnon-cooperativejurisdictions/more/moreabouttheinternationalco-operationreviewgroupicrg.html?hf=10&b=0&s=desc(fatf_releasedate).

This Act was brought into force on February 12, 2009.

See the Banks and Trust Companies Regulations (Amendment) Act, 2006; the Financial and Corporate Service Providers (Amendment) Act, 2008; the Securities Industry (Amendment) Act, 2007; the Securities Industry (Amendment) Regulations, 2009 and the Investments Fund (Amendment) Act, 2007.

See the Insurance Act, 2005; the External Insurance Act, 2009; the Securities Industry Act, 2011 and the Securities Industry Regulations Act, 2012.

See the Proceeds of Crime Law, 2008.

See the Charities Bill, 2010.

See the Corporate Service Provider Business Act, 2012.

See the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing Supervision and Enforcement) Designation Order, 2012.

See the Financial Intelligence Agency Act, 2007.

See the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing Supervision and Enforcement) Act, 2008.

See the Securities and Investment Business Act, 2010.

See the Proceeds of Criminal Conduct (Amendment) Act, 2010.

See the Financing and Money Services Act.

See the Proliferation Financing (Prohibition) Act, 2009.

Weighting more heavily legislative system over institutional measures.

See the Financial Transaction Reporting (Amendment) Act, 2014.

See the Financial Transactions Reporting Regulations (Amendment) Act, 2009.

See the Financial Transaction Reporting (Wire Transfer) Regulations, 2009.

See the Money Laundering (Amendment) Regulations, 2008.

See the Proceeds of Crime (Anti-Money Laundering & Anti-Terrorist Financing) Regulations, 2008.

See the Anti-Terrorism Order.

See the Proceeds of crime (Anti-Money Laundering & Anti-Terrorist Financing) Regulations, 2008.

See the Anti-Money Laundering and Terrorist Financing Code of Practice, 2009 (AMLTFCOP) and the Anti-Money Laundering Regulations, 2008.

See the Mutual Legal Assistance (Criminal Matters) Act.

See the Extradition Act.

See the Criminal Procedure Plea Discussion and Plea Agreement Act, 2008.

See the US Securities & Exchange Commission, 2012.

See the Proceeds of Crime Amendment (No.2) Act, 2013.

See the Proceeds of Crime and Related Measures Amendment Act, 2013 and the Transnational Organised Crime Act, 2013.

See Table 7.1.

See Table 7.2.

See Table 7.3.

See the Terrorism (United Nations Measures) (Overseas Territories) Order 2001.

Weighting more heavily legislative system over institutional measures.

See Table 7.4.

Bank of International Settlement. 2016. Sound Management of Risks Related to Money Laundering and Financing of Terrorism. Bank of International Settlement. https://www.fsa.go.jp/inter/bis/20140121-1/02.pdf.

BVI Financial Services Commission. 2008. Annual Report 2007. BVI Financial Services Commission. https://www.bvifsc.vg/library/bvifsc-annual-reports.

BVI Financial Services Commission. 2013. Annual Report 2012. BVI Financial Services Commission. https://www.bvifsc.vg/library/bvifsc-annual-reports.

CFATF. 2007a. Mutual Evaluation/Detailed Assessment Report Cayman Islands. Financial Action Task Force. https://www.cima.ky/upimages/commonfiles/1499854071CaymanIslandsCFATFMEVFinalNov2007.pdf.

CFATF. 2007b. The Bahamas Ministerial Report. Caribbean Financial Action Task Force. https://www.cfatf-gafic.org/member-countries/the-bahamas.

CFATF. 2008a. Detailed Assessment Report. Caribbean Financial Action Task Force. https://www.cfatf-gafic.org/member-countries/bermuda.

CFATF. 2008b. Mutual Evaluation Report. Caribbean Financial Action Task Force. https://www.cfatf-gafic.org/member-countries/virgin-islands.

CFATF. 2009a. Cayman Islands, First Follow-Up Report: Anti-Money Laundering and Combating the Financing of Terrorism. Caribbean Financial Action Task Force. https://www.cfatf-gafic.org/cfatf-documents/follow-up-reports-2/cayman-islands/188-cayman-islands-1st-follow-up-report/file.

CFATF. 2009b. The Bahamas Follow-Up Report. Caribbean Financial Action Task Force. https://www.cfatf-gafic.org/member-countries/the-bahamas.

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CFATF. 2010b. Cayman Islands, Third Follow-Up Report: Anti-money Laundering and Combating the Financing of Terrorism. Caribbean Financial Action Task Force. https://www.fatf-gafi.org/media/fatf/documents/reports/fur/CFATF-2nd-Follow-Up-Report-Cayman-Islands.pdf.

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CFATF. 2011a. The Bahamas Fourth Follow-Up Report. Caribbean Financial Action Task Force. https://www.cfatf-gafic.org/member-countries/the-bahamas.

CFATF. 2011b. Second Follow-Up Report: Bermuda. Caribbean Financial Action Task Force. https://www.cfatf-gafic.org/documents/follow-up-reports-2/bermuda/52-bermuda-2nd-follow-up-report?format=html.

CFATF. 2011c. Third Follow-Up Report: Virgin Islands. Caribbean Financial Action Task Force. https://www.cfatf-gafic.org/documents/follow-up-reports-2/virgin-islands/139-virgin-islands-3rd-follow-up-report.

CFATF. 2012a. Cayman Islands, First Biennial Report. Caribbean Financial Action Task Force. https://www.cfatf-gafic.org/documents/follow-up-reports-2/cayman-islands/4142-cayman-islands-1st-biennial-report-1?format=html.

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CFATF. 2013. The Bahamas, Sixth Follow-Up Report. Caribbean Financial Action Task Force. https://www.cfatf-gafic.org/member-countries/the-bahamas.

CFATF. 2014a. Fifth Follow-Up Report: Bermuda. Caribbean Financial Action Task Force. https://cfatf-gafic.org/index.php/documents/follow-up-reports-2/bermuda/3556-bermuda-5th-follow-up-report-1.

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Titel: The Impact of International Policy Initiatives Against Money Laundering and Terrorist Financing on the Legislative Systems and Institutions of Offshore Financial Centres in the Caribbean
verfasst von: Aretha M. Campbell
Verlag: Springer International Publishing
Buch: Money Laundering, Terrorist Financing, and Tax Evasion
Print ISBN: 978-3-030-68875-2

Electronic ISBN: 978-3-030-68876-9

Copyright-Jahr: 2021
DOI: https://doi.org/10.1007/978-3-030-68876-9_7