“…Indeed, for many Commonwealth Caribbean countries, their deliberately designed systems of offshore taxation, frameworks for regulatory arbitrage and legal loopholes for legitimate wealth management and asset protection, have been concrete expressions of their state sovereignty (Palan, 2006). Some have innovatively developed specialised markets, buttressed by banking secrecy and confidentiality laws, in captive insurance, estate planning, offshore asset management and have guaranteed asset protection from fiscal, legal and political risks through vehicles such as offshore trusts (Suss et al , 2002; Suss et al , 2005). However, since the 1990s, financial services development in the Commonwealth Caribbean has been reactionarily driven by extraterritorial regulatory pressures.…”