International Financial Services Sectors in Small Vulnerable Economies

Challenges and Prospects

image of International Financial Services Sectors in Small Vulnerable Economies

Looks at current trends in financial regulation and supervision and particularly their impact on small vulnerable economies. The papers examine the following areas: trends in international financial regulation and supervision; political strategies for protecting Small States’ interests in global regulatory reform; sustainable capital markets and regional integration (the case of the Eastern Caribbean Currency Union) and international cooperation on taxation. For policymakers and researchers.



Trends in International Financial System Regulation and Supervision

In April 2002, the Commonwealth Secretariat convened a meeting in St Lucia on ‘A New Partnership for International Financial Services: Prospects and Challenges’. It brought together officials from Commonwealth member countries and other jurisdictions involved in the provision of offshore financial services (i.e. small offshore financial centres or SOFCs), together with regional agencies representing their interests, and bilateral donors in OECD countries and the international financial institutions (IFIs). The purpose was to exchange views on the implications of an OECD agenda aimed at circumscribing the activities of SOFCs to meet a growing list of objectives including, among others: averting financial crises and global contagion; safeguarding systemic stability; avoiding harmful tax competition; instituting anti-money laundering (AML) measures; and countering the financing of terrorism (CFT).


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