Letters from the Editorial Board

Letters from the Editorial Board

Operation Choke Point

American officials have been watching the financial sector around the world in an effort to detect and stop a number of bad activities.  These...

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.  

 

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).   

 

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...
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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...

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.   

 

A hand stopping some falling dominoes from continuing on to two more lines standing of dominoes

Before the next crisis

These should be the best of times. World poverty is at a record low, and world incomes are at a record high. People in...

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...

The future of tax reform:

On 6 November, 2012, after approximately $6 billion was spent by candidates and political groups, United States voters decided to keep the status quo. Barack Obama won re-election and will serve as president for another four years.   

 

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.”

 

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.

 

What You Give and What You Get:

As is well known by now, the United States enacted a tax reform in 2010 known as the Foreign Account Tax Compliance Act, which seeks to end global tax evasion by Americans through the use of offshore bank accounts. 

 

The ambivalence of Bermuda immigration

In order to continue to service international business, it will always be necessary to attract, and retain, sufficient non-Bermudian professionals from abroad.

 

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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...

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.

 

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...

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...
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More than a bubble

Ten years ago, massive uncertainty roiled financial markets. Major firms collapsed or teetered on the edge of insolvency. Asset values plunged. Every TV show...

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.  

 

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. 

 

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