The offshore jurisdictions are commonly thought to be highly secretive, with banking secrecy being an important part of what those jurisdictions offer to businesses and individuals who use them. For example, in 2000, the U.S. Treasury Department issued an advisory notice stating that extra vigilance was required in doing business in the Cayman Islands: “The Cayman Islands remains committed to strict bank secrecy, outside of a limited suspicious transaction reporting and international cooperation regime.”
Kenneth Garbade, a senior vice president at the Federal Reserve Bank of New York, has written extensively on the development of the market for US Treasury securities, including at least nine single- or co-authored articles (most of which appear in Economic Policy Review).
Judicial review – the process by which a person who is aggrieved by administrative action may, under certain conditions, seek review by a court of the lawfulness of such action – is a concept that has in recent years attracted much attention throughout the common law world.
The Bermuda Monetary Authority has to find the right balance to allow business to thrive while maintaining international credibility at the cutting edge in growth markets such as insurance linked securities.
The captive insurance industry was criticized by the New York Department of Financial Services (NYDFS) earlier last year when Superintendent Benjamin Lawsky issued a report calling for an immediate national moratorium on the use of captive insurance companies...