Letters from the Editorial Board

Letters from the Editorial Board

IFCs in the international financial architecture

The world of offshore has long been under attack and with each new wave of regulatory changes the end of small international financial centers is being decried. But so far IFCs have proven extraordinarily resilient.  

 

Is the global fiscal crisis over?

The growth in relative government spending in almost all countries is largely caused by growth in government pension and medical care programs and other...
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Finding common cause for offshore jurisdictions

At the end of January, Pierre Moscovici, the EU Commissioner for Economic and Financial Affairs, Taxation and Customs, penned an op-ed on “tax evasion...

Substance over form:

This year marked a turning point for international financial centers (IFCs), especially those that are British Overseas Territories (BOTs) and Crown Dependencies (CDs), in terms of the future landscape on which they will compete, cooperate and provide their services.

 

Fighting populism by tempering bureaucratic centralization

Blaming outsiders for economic maladies appeals to base human instincts evolved over millennia to engender beliefs that the economy is zero-sum: one person’s gain...

A tax agenda more than two decades in the making

For the past twenty-plus years, international financial centres have been dealing with harassment and pressure from high-tax governments. Working primarily through the Organisation for...

The future of international financial centers

International financial centers like the Cayman Islands have experienced over two decades of increased international pressure in the form of new regulation and greater demand for transparency.

 

Stopping the tide

A year ago, the world looked set to continue on its post-World War II path to ever closer economic integration. The European Union seemed...

The offshore as a black hole – fact or fiction?

From a financial perspective, many consider that when money goes offshore, it enters a black hole. Bank secrecy, public corruption and the constant barrage of films and books which put the offshore in a bad light contribute to this image. 

 

Bring on the Robot Revolution

The story of human development is a story of disruptive – and liberating -- innovation. More particularly it is a story of new tools....

What does the future hold for IFCs?

“Little else is required to carry a state to the highest degree of opulence from the lowest barbarism”, claimed Adam Smith, “than peace, easy taxes and a tolerable administration of justice.”

 

Fake economic news

Fake news is the name given primarily to political news that is not true. Unfortunately, much economic news is also not true, because the...

The future of offshore financial centres: Reputational management

Those who work within the industry or are familiar with the various jurisdictions know that this negative image actually bears little relation to reality.   

 

Global financial reform and the role of the IMF

Since the onset of the global financial crisis of 2007-08, there has been much debate about the reforms that are needed to make the international financial system more resilient to the onset of financial crises through improvements in what has come to be known as the international financial architecture (IFA).   

 

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Escaping the international tax cartel through technology

In 1800, average income per capita across the world was around $1,200 (in 2017 dollars). In Europe, it was around $2,000 and in Ottoman...

Offshore financial centres: An unstoppable force for good

As a result of misconception, during the first tranche of the global financial crisis, world leaders came out on the attack against OFCs, arguing that they are inherently bad and have to be stopped in order to protect dwindling government tax revenue.
 

 

Luxembourg Leaks –

On Nov. 5, 2014, the International Consortium of Investigative Journalists (ICIJ) published an investigatory analysis based on a confidential cache of tax agreements approved by Luxembourg tax authorities.  

 

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Global economic policy in the era of Trump

Donald Trump has been a never-ending source of controversy since becoming president, but his ascent to the White House has not caused the collapse...

The future of offshore financial centres:

 If you were to carry out a survey of the articles published by pro offshore writers, you would very likely find that the vast majority of them either blame external factors for the challenges faced by OFCs or place these external factors at the heart of their success. 

Immigration and IFCs

Many of the smaller countries competing in financial services – including Cayman – have struggled over the years to find a balance on immigration policy.  If it gets it right, Cayman will have a significant advantage over other IFCs, who are also struggling to find the right balance in their immigration policies.

 

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