Offshore Financial Centres and the Law: Suspect Wealth in British Overseas Territories

Cover
Half Title
Series Page
Title Page
Copyright Page
Dedication Page
Contents
Foreword
Preface
Cases
Legislation, regulations and treaties
Abbreviations
1 Introduction and conceptual framework
	1.1 Overview
	1.2 Approach and chapter structure
	1.3 Background, topicality and contribution to research
2 Concerns about economic crime and suspect wealth
	2.1 Introduction
	2.2 Why is economic crime an international concern?
	2.3 Concerns about corruption
	2.4 Concerns about money laundering and terrorism financing
	2.5 Concerns about tax misconduct
	2.6 Economic crime and its ambivalence
	2.7 Conclusion
3 Offshore financial centres and the British Overseas Territories
	3.1 Introduction to ‘offshore’
	3.2 The British Overseas Territories: law, governance and development as offshore financial centres
	3.3 Perceptions about “sunny places for shady people”
	3.4 Capacity issues in the overseas territories
4 Bermuda
	4.1 Bermuda: an overview
	4.2 Economy and development as a financial centre
	4.3 Implications in economic crime cases and the Paradise papers
	4.4 More sinned against than sinning? Bermuda and its critics
	4.5 Analysis of Bermuda’s legal and regulatory response to economic crime and suspect wealth
		4.5.1 Anti-bribery
		4.5.2 Anti–money laundering and counter-terrorism financing, including FATF compliance and national risk assessments
		4.5.3 Company law, beneficial ownership and transparency
		4.5.4 Economic substance
		4.5.5 Tax information exchange and cooperation
	4.6 Development concerns
	4.7 Conclusion
5 The Turks and Caicos Islands
	5.1 TCI: an overview
	5.2 Economy and development as a financial centre
	5.3 Domestic corruption and impact on development
		5.3.1 Trial of former ministers
		5.3.2 Civil recovery
	5.4 Implication in international economic crime cases
	5.5 Analysis of TCI’s legal and regulatory response to economic crime and suspect wealth
		5.5.1 Anti-bribery
		5.5.2 Anti–money laundering and counter-terrorism financing, including FATF compliance and national risk assessments
		5.5.3 Company law, beneficial ownership, economic substance and tax transparency
	5.6 Development concerns and relationship with the UK
	5.7 Conclusion
6 Anguilla
	6.1 Anguilla: an overview
	6.2 Economy and development as a financial centre
	6.3 International concerns and implication in financial crime cases
	6.4 Analysis of Anguilla’s legal and regulatory response to economic crime and suspect wealth
		6.4.1 Anti-bribery
		6.4.2 Anti–money laundering and counter-terrorism financing, including FATF compliance and national risk assessments
		6.4.3 Company law, beneficial ownership, transparency and tax information exchange
		6.4.4 Economic substance
		6.4.5 Remaining legal considerations and constitutional reform
	6.5 Development concerns
	6.6 Conclusion
7 Privacy and increasing transparency: what does it mean for the future of offshore financial centres?
	7.1 Introduction
	7.2 The right to privacy
	7.3 Confidentiality
	7.4 Legal privilege
	7.5 Confidentiality norm in offshore financial centres – and the limits of confidentiality
	7.6 Bank secrecy
	7.7 Transparency offshore and the ‘nothing to hide’ conjecture
	7.8 International transparency standards: beneficial ownership registers and information exchange
	7.9 Remaining paradoxes
	7.10 Implications for the British Overseas Territories
	7.11 Conclusion
8 Conclusion
	8.1 Bermuda
	8.2 Turks and Caicos Islands
	8.3 Anguilla
	8.4 Implications for the future of these jurisdictions
Index