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Considering the Consequences

The Development Implications of Initiatives on Taxation, Anti-money Laundering and Combating the Financing of Terrorism

image of Considering the Consequences
What have been the consequences of recent regulatory initiatives on international financial centres in small countries? This study of three small Commonwealth countries – Barbados, Mauritius and Vanuatu – suggests that the costs of implementing these new standards have exceeded any identifiable benefits for the countries concerned.



Moreover the main factor explaining the adoption of the new standards, in all three countries, is the fear of the consequences of being blacklisted by international organisations in the event of non-compliance, rather than any identified benefit in terms of increased competitiveness.



The authors consider how policy on anti-money laundering should be developed in the future, taking into account the particular concerns of small developing countries.



The book will be of interest to all those engaged in setting international standards for financial regulation, and those regulating the finance industry in both large and small countries.

English

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Overall Conclusions for Barbados

The enhancement of the international business and financial services sector of Barbados is a key component of its long-term development strategy. Therefore, improving the standards of regulation and supervision in accordance with global developments, in particular the growing concerns about money laundering and the financing of terrorist activities, is critical if Barbados is to maintain its long-standing reputation for high levels of regulation and supervision and a highly branded jurisdiction. Indeed, the aim is to create a more effective and enabling environment in line with international best practices, without increasing the compliance costs of both government regulators and private providers of international business and financial services.

English

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