An assessment of the challenges to Caribbean offshore financial centres: Saint Kitts and Nevis and Antigua and Barbuda

Offshore Shore Centres (OFCs) are generally small, low tax jurisdictions. In defining International Financial Centers (IFC’s) the International Monetary Fund (IMF) notes that there must be a large number of financial institutions functioning in a simplified regulatory environment, with low or no tax...

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Autores principales:	McLean, Sheldon, Jordan, Ava
Formato:	Texto
Lenguaje:	English
Publicado:	ECLAC, Subregional Headquarters for the Caribbean 2017
Materias:	INSTITUCIONES FINANCIERAS INTERNACIONALES BANCOS EXTRATERRITORIALES SERVICIOS FINANCIEROS REGULACION ECONOMICA TRIBUTACION GESTION DE LOS RIESGOS INTERNATIONAL FINANCIAL INSTITUTIONS OFFSHORE BANKS FINANCIAL SERVICES ECONOMIC REGULATION TAXATION RISK MANAGEMENT
Acceso en línea:	http://hdl.handle.net/11362/42726
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spelling	oai-11362-427262021-02-23T11:23:52Z An assessment of the challenges to Caribbean offshore financial centres: Saint Kitts and Nevis and Antigua and Barbuda McLean, Sheldon Jordan, Ava INSTITUCIONES FINANCIERAS INTERNACIONALES BANCOS EXTRATERRITORIALES SERVICIOS FINANCIEROS REGULACION ECONOMICA TRIBUTACION GESTION DE LOS RIESGOS INTERNATIONAL FINANCIAL INSTITUTIONS OFFSHORE BANKS FINANCIAL SERVICES ECONOMIC REGULATION TAXATION RISK MANAGEMENT Offshore Shore Centres (OFCs) are generally small, low tax jurisdictions. In defining International Financial Centers (IFC’s) the International Monetary Fund (IMF) notes that there must be a large number of financial institutions functioning in a simplified regulatory environment, with low or no tax, and with the majority of its transactions initiated offshore. Regional Financial Centres (RFCs) are groups or blocks of countries, viewed as IFCs and which have specialties in the offshore financial business . Many Caribbean islands, including Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, the British Virgin Islands, the Caymans Islands, the Bahamas, Barbados, and Aruba, can be categorised as RFCs. In the early 2000s, the sector was thriving, and positively contributing to the foreign exchange inflows to these countries. In the aftermath of the 2008-2009 global financial crises, several regulatory jurisdictions have made attempts to strengthen their financial sector regulation, supervision, and risk management. The objective was to increase the resilience of financial institutions, and prevent another financial sector collapse in the future. Moreover, the regulators sought to restrict potential money laundering and the financing of terrorism, via the implementation of more strict anti-money laundering (AML), countering the financing of terrorism (CFT) and know-your-customer (KYC) regulations. Post the 2008-2009 financial crisis, several Caribbean countries, including the Bahamas, the Cayman Islands, Saint Kitts and Nevis and Saint Vincent and the Grenadines have been subjected to increased financial regulations by the international financial authorities. This has limited the growth of the offshore financial sector. This policy brief therefore aims to assess existing and potential threats to the Offshore Financial Sector to selected countries in the Caribbean, with the view of developing recommendations for addressing these challenges. Particular focus is placed on Saint Kitts and Nevis, and Antigua and Barbuda. Interviews were also conducted with stakeholders in other Caribbean countries to assess the wider implications for the subregion. Introduction. -- The emergence of Caribbean offshore financial centres. -- International standards for International Financial Centres (IFCs). -- Citizenship by investment programme. -- The impact of de-risking. -- Recommendations. -- Bibliography. 2017-12-21T18:10:07Z 2017-12-21T18:10:07Z 2017-12 Texto Documento Completo http://hdl.handle.net/11362/42726 LC/CAR/2017/19 en .pdf application/pdf ANTIGUA Y BARBUDA CARIBE SAINT KITTS Y NEVIS ANTIGUA AND BARBUDA CARIBBEAN REGION SAINT KITTS AND NEVIS ECLAC, Subregional Headquarters for the Caribbean
institution	Cepal
collection	Cepal
language	English
topic	INSTITUCIONES FINANCIERAS INTERNACIONALES BANCOS EXTRATERRITORIALES SERVICIOS FINANCIEROS REGULACION ECONOMICA TRIBUTACION GESTION DE LOS RIESGOS INTERNATIONAL FINANCIAL INSTITUTIONS OFFSHORE BANKS FINANCIAL SERVICES ECONOMIC REGULATION TAXATION RISK MANAGEMENT
spellingShingle	INSTITUCIONES FINANCIERAS INTERNACIONALES BANCOS EXTRATERRITORIALES SERVICIOS FINANCIEROS REGULACION ECONOMICA TRIBUTACION GESTION DE LOS RIESGOS INTERNATIONAL FINANCIAL INSTITUTIONS OFFSHORE BANKS FINANCIAL SERVICES ECONOMIC REGULATION TAXATION RISK MANAGEMENT McLean, Sheldon Jordan, Ava An assessment of the challenges to Caribbean offshore financial centres: Saint Kitts and Nevis and Antigua and Barbuda
description	Offshore Shore Centres (OFCs) are generally small, low tax jurisdictions. In defining International Financial Centers (IFC’s) the International Monetary Fund (IMF) notes that there must be a large number of financial institutions functioning in a simplified regulatory environment, with low or no tax, and with the majority of its transactions initiated offshore. Regional Financial Centres (RFCs) are groups or blocks of countries, viewed as IFCs and which have specialties in the offshore financial business . Many Caribbean islands, including Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, the British Virgin Islands, the Caymans Islands, the Bahamas, Barbados, and Aruba, can be categorised as RFCs. In the early 2000s, the sector was thriving, and positively contributing to the foreign exchange inflows to these countries. In the aftermath of the 2008-2009 global financial crises, several regulatory jurisdictions have made attempts to strengthen their financial sector regulation, supervision, and risk management. The objective was to increase the resilience of financial institutions, and prevent another financial sector collapse in the future. Moreover, the regulators sought to restrict potential money laundering and the financing of terrorism, via the implementation of more strict anti-money laundering (AML), countering the financing of terrorism (CFT) and know-your-customer (KYC) regulations. Post the 2008-2009 financial crisis, several Caribbean countries, including the Bahamas, the Cayman Islands, Saint Kitts and Nevis and Saint Vincent and the Grenadines have been subjected to increased financial regulations by the international financial authorities. This has limited the growth of the offshore financial sector. This policy brief therefore aims to assess existing and potential threats to the Offshore Financial Sector to selected countries in the Caribbean, with the view of developing recommendations for addressing these challenges. Particular focus is placed on Saint Kitts and Nevis, and Antigua and Barbuda. Interviews were also conducted with stakeholders in other Caribbean countries to assess the wider implications for the subregion.
format	Texto
author	McLean, Sheldon Jordan, Ava
author_facet	McLean, Sheldon Jordan, Ava
author_sort	McLean, Sheldon
title	An assessment of the challenges to Caribbean offshore financial centres: Saint Kitts and Nevis and Antigua and Barbuda
title_short	An assessment of the challenges to Caribbean offshore financial centres: Saint Kitts and Nevis and Antigua and Barbuda
title_full	An assessment of the challenges to Caribbean offshore financial centres: Saint Kitts and Nevis and Antigua and Barbuda
title_fullStr	An assessment of the challenges to Caribbean offshore financial centres: Saint Kitts and Nevis and Antigua and Barbuda
title_full_unstemmed	An assessment of the challenges to Caribbean offshore financial centres: Saint Kitts and Nevis and Antigua and Barbuda
title_sort	assessment of the challenges to caribbean offshore financial centres: saint kitts and nevis and antigua and barbuda
publisher	ECLAC, Subregional Headquarters for the Caribbean
publishDate	2017
url	http://hdl.handle.net/11362/42726
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An assessment of the challenges to Caribbean offshore financial centres: Saint Kitts and Nevis and Antigua and Barbuda

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