Caribbean Offshore Financial Centers: Past, Present, and Possibilities for the Future

Suss, Esther C.; Williams, Oral; Mendis, Chandima

doi:10.2139/ssrn.879627

Cited by 11 publications

(4 citation statements)

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“…OFCs opened in Anguilla, Cayman Islands, the British Virgin Islands and in much of what would become the independent Commonwealth Caribbean states from the 1980s. 24 Therefore, the location of Caribbean jurisdictions within empire in the nineteenth century combined with capitalist expansion to create openings for this sector. The sector emerged to facilitate capital and to accommodate its nomadic tendencies.…”

Section: Thinking Through An Example: Caribbean Ofcsmentioning

confidence: 99%

Invisible on the globe but not in the global: Decolonising IR using small island vistas

Hinds

2023

Rev. Int. Stud.

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Teaching and studying International Relations (IR) in the Caribbean makes the region’s invisibility unmissable. Nevertheless, these locales have significantly influenced the structure of global processes and are also acutely affected by global occurrences. Exposure to the global has led Caribbean scholarship to offer worthwhile insights into world affairs. Thinkers from the region and its diaspora provide noteworthy perspectives about the criticality of the Caribbean in building systems of empire and a world structured around race, class, and gender in ways that mainstream IR approaches may miss. This article takes its starting point as the Caribbean intellectual tradition. Grounding IR scholarship in this neglected, though highly pertinent, thought tradition is one angle from which to decolonise the discipline. The article connects these insights to an appraisal of a nimble strategy that Caribbean states and territories employ to navigate the global. The strategy of developing offshore financial centres (OFCs) can educate us about the functioning of the world if we are willing to think about it as embedded in global processes rather than as a problematic gimmick. In sum, this piece illustrates how using Caribbean thought and examining Caribbean global integration strategies can help to decolonise IR.

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Section: Thinking Through An Example: Caribbean Ofcsmentioning

confidence: 99%

Invisible on the globe but not in the global: Decolonising IR using small island vistas

Hinds

2023

Rev. Int. Stud.

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“…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.…”

Section: Campaign Against Tax Havens Blacklisting and The Future Of C...mentioning

confidence: 99%

Strengthening financial integrity and combating economic crimes in the post-pandemic Caribbean: what lies ahead!

Clarke

2021

JFC

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Purpose This paper aims to map key strategic concerns that Commonwealth Caribbean States will face in combating economic crimes and strengthening financial integrity in the post-pandemic era. Design/methodology/approach Horizon scanning was used to conduct a qualitative policy analysis of key regulatory developments in international anti-money laundering and combating the financing of terrorism (AML/CFTP) and tax governance, from the perspective of Commonwealth Caribbean countries. Findings This paper finds that the COVID-19 pandemic might widen several fault lines, along the Global North/South axis, in international AML/CFTP and tax regulatory governance. These include the “sustainable development” gap in AML/CFTP norm-making; making the Financial Action Task Force fit-for-purpose; renewed campaigns against “harmful tax competition”; and international commitment to scaling up technical assistance to combat economic crimes in developing countries. It questions the sustainability of the prevailing “levelling the playing field” regulatory approach to AML/CFTP and tax matters and whether serious consideration ought not to be given to mainstreaming “differential treatment” in international AML/CFTP and tax standards, for resource-strapped Caribbean countries. Originality/value To the best of the author’s knowledge, this paper is the first attempt to assess the strategic policy risks and challenges that will arise from balancing economic recovery and fighting economic crimes by small and vulnerable Commonwealth Caribbean States in the post-pandemic era.

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“…Local stockbrokers have access to considerable knowledge and information about firms and the local environment through the powerful social ties that transcend the nascent securities market infrastructure. At the same time, they face considerable institutionalized pressure to conform to international capital market norms of "best practice" (Suss et al, 2002). This is because of the need to maintain the wider reputability and credibility of the territory's formal institutions, essential to maintaining its competitive regulatory advantage as an offshore centre.…”

Section: Theory and Hypothesesmentioning

confidence: 99%

The Impact of Founders on Information Asymmetry Vis-À-Vis outside Investors: Evidence from Caribbean Offshore Tax Havens

2021

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Caribbean Offshore Financial Centers: Past, Present, and Possibilities for the Future

Cited by 11 publications

References 0 publications

Invisible on the globe but not in the global: Decolonising IR using small island vistas

Invisible on the globe but not in the global: Decolonising IR using small island vistas

Strengthening financial integrity and combating economic crimes in the post-pandemic Caribbean: what lies ahead!

The Impact of Founders on Information Asymmetry Vis-À-Vis outside Investors: Evidence from Caribbean Offshore Tax Havens

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