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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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Summary

The project – Considering the Consequences: the Developmental Implications of Initiatives on Taxation, Anti-money Laundering and Combating the Financing of Terrorism – was commissioned by the Commonwealth Secretariat and financed by the Financial Sector Reform and Strengthening (FIRST) Initiative. Its objective was to assess the impact of recent multilateral regulatory initiatives on small Commonwealth international financial centres (IFCs). This final report draws together, distils and synthesises the results of three country studies, assessing the costs and benefits of these initiatives for Barbados, Mauritius and Vanuatu. The country studies are themselves based on survey data (quantitative and qualitative) compiled by local consultants in each jurisdiction in conjunction with the two lead consultants.

English

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