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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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The Barbados International Business and Financial Services Sector

The Barbados international financial services (IFS) sector, of which international business companies (IBCs) are the dominant area of activity, has grown steadily over the last decade. Even with the slowdown in the year 2000, resulting from the uncertainty surrounding the Organisation for Economic Co-operation and Development (OECD) initiative and other global economic developments, the level of activity in the sector has grown considerably since 1965 when the first International Business Company (IBC) Act was passed.

English

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